The revised draft QWBA is a re-consultation of an item released in December 2022. The Commissioner of Inland Revenue (IR) has changed his view from 2022 and now accepts that taxpayers have a choice of methods to calculate FIF income in the scenarios set out in the revised draft QWBA.

CA ANZ expresses its appreciation to the IR for revisiting and revising its previous position in the revised QWBA. This updated stance is in line with the perspectives shared by CA ANZ in its submission regarding the December 2022 document. The Commissioner's revised position aligns with the policy intent of the FIF rules and promotes voluntary compliance.

CA ANZ also provides recommendations aimed at enhancing clarity and adding value to the document.