An issue has arisen as to the appropriate operation of the LIBOR Cap, as contained in Section 160ZZA of the ITAA 1936 to AUD notional borrowings by a foreign bank following the cessation of AUD LIBOR on 31 May 2013. AFMA and the ATO have agreed an Administrative Solution whereby that provides a safe harbour for taxpayers that apply the proxy rate (determined with reference to BBSW plus an appropriate margin). The document sets out the terms of the Administrative Solution.
The AFMA Inflation Products Committee has provided guidance with respect to the re-referencing/rebasing of the Australian Headline CPI effective 24 October 2012.
This note sets out the purpose and methodology of the August 2010 Addendum and includes worked examples.
Environmental Products Information
AFMA has prepared a list of useful Environmental Products Information for both AFMA members and non-members who deal in Environmental products, including a review of environmental trading schemes, environmental products trading conventions, and documentation.