Published on 09 May 2006
| Took place at Holiday Inn Adelaide
In June 2005 the ATO issued a draft ruling and booklet regarding service arrangements. The ruling allowed all but the high risk taxpayers 12 months to get their affairs in order.
It is time to make some important decisions. Will my service trust survive an audit? Do I wind up my
service trust? If I wind up and the final ruling is favourable, what do I do? Is an alternative structure more appropriate?
The ATO Final Guidance document on service trusts is ready for imminent release. The guidance document will set out the ATO’s risk profiling in respect of service trusts, in particular which mark-ups and calculation methodologies give rise to the least audit risk. These seminar materials highlight the changes and structuring options going forward.
Get a 20% discount when you buy all the items from this event.
The ATO review of service trusts and introduction of Professional Standards Legislation and the Service Trusts ruling will have changed the landscape for your practice. This paper considers those changes and discusses various practice entity options, including:
does Professional Standards legislation really limit your exposure?
service trusts - what future?
CGT concessions for alternate structures
goodwill v 'intangible asset inherently connected' with a business
partnership of trusts - do they have a place in accounting firms?
This paper was originally presented on 5 May 2005 at the “39th South Australian Convention” held in the Barossa Valley. It also includes some minor updates made for presentation at the “What’s New in Structuring Professional Practices?” seminar held on 9 May 2006 in Adelaide.