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Professional Practices

Published on 24 Sep 2014 | Took place at Queen Street, Brisbane, QLD

Now that the dust has settled on Taxpayer Alert TA 2013/3, it is time to take stock and look in the mirror. Unless you practise in your own name, then the Taxpayer Alert is the catalyst to review your practice structure, as well as any service entity arrangements. This must be done prior to the announced and keenly expected ATO audit activity.

As the Commissioner gets more active in the audit and enforcement area, it remains important for professionals to be aware of the impact of a sec 264 notice on their practice and on their clients. Complying with a notice is a time consuming and extensive exercise – but the damage can be minimised if you know what to look for!

If the worst happens, you need to look to your defences. Does your PI policy really protect you? These and a myriad of other hot issues in professional practice were covered in this event.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Setting the scene: Available structures for professional practices

Author(s):  Dean STEER

This paper covers:

  • professional body/legal requirements or limitations on structures
  • general issues (non-income tax)
  • income tax overview
  • alienation of income
  • Everett assignments.
Materials from this session:

Professional structures

Author(s):  David W MARKS

This paper covers:

  • has the tax position improved?
  • structuring – and facing the customer
  • choices constrained by rules and regulations
  • Kelly’s case
  • reducing us to salarymen.
Materials from this session:

The pitfalls of practice

Author(s):  David HUGHES

This paper covers:

  • when should practitioners provide Part IVA advice?
  • what considerations are there to Part IVA advices
  • what to do when there is an adverse audit decision
  • insurance policy exclusions.
Materials from this session:

When the Commissioner comes knocking – Access and information gathering powers

Author(s):  Sarah Blakelock

This paper covers:

  • part 1: practical tips for dealing with notices issued by the Commissioner of Taxation
  • part 2: commonly asked questions
  • part 3: privilege and the accountants concession.
Materials from this session: