The Resource Australian TOFA implications for insurers from the NZ Sovereign Assurance case

Australian TOFA implications for insurers from the NZ Sovereign Assurance case

Label
Australian TOFA implications for insurers from the NZ Sovereign Assurance case
Title
Australian TOFA implications for insurers from the NZ Sovereign Assurance case
Creator
Subject
Language
eng
Summary
Decisions of the New Zealand courts in the Sovereign Assurance case considered the application of New Zealand's taxation of financial arrangements (TOFA) rules to reinsurance treaties entered into by a New Zealand insurer. The New Zealand rules parallel Australia's TOFA regime in Div 230 of the Income Tax Assessment Act 1997, and New Zealand cases therefore have relevance in Australia. This article first outlines New Zealand's financial arrangements rules, and the facts and main holdings in Sovereign Assurance. The authors then compare New Zealand's financial arrangements rules to the Australian TOFA rules and consider whether the result could have been different if it had been decided in Australia. The authors conclude that the case shows that even very longstanding arrangements which are commonly used by industry, such as reinsurance treaties, can lead to results under TOFA which may be unanticipated
Citation source
In: Taxation in Australia. - Sydney. - Vol. 49 (2015),
http://library.link/vocab/creatorName
  • Dunne, J
  • Hamblin, J
Language note
English
http://library.link/vocab/subjectName
  • case law
  • TOFA
  • insurance
Label
Australian TOFA implications for insurers from the NZ Sovereign Assurance case
Instantiates
Publication
Label
Australian TOFA implications for insurers from the NZ Sovereign Assurance case
Publication

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