As you are aware, our members are concerned to ensure they will not be significantly or adversely affected by the TOFA proposal.
The Propefty Council acknowledges the significant work undertaken by Treasury to consolidate the numerous TOFA amendments and we support Treasury's efforts to properly implement the TOFA proposal.
We have had the opportunity to review the joint submission provided to you by the ICAA and the TIA.
The Property Council agrees that the proposed rules need to be integrated into the existing tax consolidation rules to avoid impractical tax and commercial consequences for subsidiary acquisitions/divestments and restructures.
We support the recommendations made in the joint submission and in particular the alternative framework for the TOFA/tax consolidation interactions.
We would be very interested in participating in the ongoing consultation on this matter.