On August 12, 2021, the Australian tax authority issued a discussion paper on common tax consequences of changes made to financial arrangements driven by Inter-bank Offered Rate (IBOR) reform.
The discussion paper sets out common tax considerations that you should consider with respect to changes made to certain financial arrangements that are driven by IBOR reform. Although this discussion paper refers to LIBOR, it applies equally to other IBORs which are subject to reform. The focus of this discussion paper is on financial arrangements that are capable of being subject to the Taxation of Financial Arrangements (TOFA) regime.
It is currently proposed that the final guidance on the tax implications arising from IBOR reform will be published as higher-level web-based content on the ATO website.
Comments must be received by September 10.
See Discussion Paper