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Allocation of professional firm profits – Factsheet

Published on 04 Mar 21

On 1 March 2021, the ATO released new draft guidance on the allocation of professional firm profits in the form of Draft Practical Compliance Guideline PCG 2021/D2: Allocation of professional firm profits – ATO compliance approach (draft PCG).

The draft PCG explains how the ATO intends to apply compliance resources when considering the allocation of professional firm profit or income in the assessable income of the individual professional practitioner (IPP). When finalised, the PCG is proposed to apply from 1 July 2021.

Prior to outlining the steps The Tax Institute is taking to support you, a number of key issues are outlined below to provide some perspective and hopefully put your minds immediately at rest.

Author profile

Paul Banister CTA
Photo of author, Paul BANISTER Paul is a Chartered Accountant and a Partner at Grant Thornton, leading their tax division in Brisbane. He has over 30 years’ experience working with clients to help them navigate through complex and potentially risky tax and commercial issues. His expertise includes domestic and international tax planning, transaction advisory and support, superannuation structuring and advice, succession planning and estate planning. Paul has presented at many professional and business forums, both in Australia and internationally. He is a contributing author to Thomson Reuter’s Financial Planning Handbook. Paul is also the recipient of The Tax Institute’s SME Tax Adviser of the Year Award for 2016. - Current at 15 March 2021
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