Source: Taxation In Australia Journal Article
Published Date: 1 May 2022
Part 1 of this article was prefaced with the longstanding dichotomy between income derived from property and income derived from an individual's personal services. This formed the background leading to the Commissioner of Taxation issuing PCG 2021/4, concerned with professional firm profits possibly being insufficiently attributed to practitioners whose personal efforts contributed to the derivation of the profit. Part 1 went on to cover when an affected taxpayer qualifies to rely on PCG 2021/4, and their situation when they don't. In part 2, we move on to PCG 2021/4's risk assessment framework, the scoring system, and the transitional arrangements with suspended guidelines from 2015. All of this leads into how we can assist clients in the applicable industries (and ourselves) to make key decisions that will determine whether they will be in the crosshairs of this targeting system for ATO compliance reviews.
Allocation of professional firm profits: part 1 - Journal 01 Apr 2022
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