Exposure Draft Legislation and Explanatory Material for TOFA amendments — July 2011

The exposure draft legislation relates to two announced TOFA related amendments. The first was announced by the former Assistant Treasurer on 29 June 2010 (see Media Release No. 145 of 2010) to ensure that the TOFA Stages 3 & 4 provisions interact appropriately with the PAYGI provisions. The second was announced by the Assistant Treasurer on 29 November 2010 (see Media Release No. 019 of 2010) to give the Commissioner of Taxation the power to extend the time for taxpayers to notify the Commissioner the making of the transitional election under the TOFA Stages 3 & 4 provisions.