Treasury also released exposure draft law and related materials for reforms of the Offshore Banking Unit regime. The proposed amendments address a number of integrity concerns with the existing regime, including limit the availability of the OBU concession in certain circumstances where it could otherwise be used to convert ineligible activity into eligible activity by trading in a subsidiary, codify the ‘choice principle’ to remove uncertainty for taxpayers and introduce a new method of allocating certain expenses between the operations of a taxpayer’s domestic banking unit and the OBU. Submissions close on 8 April 2015.