shopping_cart

Your shopping cart is empty

Allocation of professional firm profits – Factsheet

Member Price: Free
Non Member Price: $71.01

DisclaimerThis material is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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On 1 March 2021, the ATO released new draft guidance on the allocation of professional firm profits in the form of Draft Practical Compliance Guideline PCG 2021/D2: Allocation of professional firm profits – ATO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 Banister, CTA, is a Chartered Accountant and a Partner at Grant Thornton in their Private Enterprise team in Brisbane. He has over 40 years’ experience working with clients in an array of industries to help them navigate through complex and potentially risky tax and commercial issues, including to address tax disputes. His expertise includes domestic and international tax planning, transaction advisory and support, superannuation structuring and advice, succession planning, estate planning and philanthropy. Paul has presented at many professional and business forums, both in Australia and internationally, and is a published author. Paul is the Vice President of The Tax Institute and was the recipient of The Tax Institute’s SME Tax Adviser of the  Year Award for 2016. - Current at 13 February 2026
Click here to expand/collapse more articles by Paul BANISTER.

 

Copyright Statement