Tax Issues for Professional Practices
Overview
A practical guide to the tax planning opportunities and pitfalls for professional practices and their principle practitioners.
Professional practices – accountants, lawyers, architects, medical and dental practitioners and many more – have been subject to some of the highest levels of scrutiny by the ATO over the years, with numerous anti-avoidance rules put in place to prevent perceived tax avoidance involving the diversion of income away from the principal towards other entities, culminating in the recent PCG 2021/D2
So, where do all these rules leave professional practices and the principals who work within them who want a business structure that is both tax effective and aligned to their other life goals? This webinar will run through all the key tax rules applicable to professional practices, highlighting opportunities to be embraced and pitfalls to be avoided. The issues to be covered include:
- PCG 2021/D2: Assessing recent ATO guidelines on the allocation of profits within professional firms
- Personal Services Income rules; when and how might they apply to professional practices and their principles?
- Does incorporation offer a way forward? Navigating ATO rules on the incorporation of professional practices
Use of service trusts
Webinar Learning Outcomes:
Attendees will gain an overview of the key issues facing professional practices and their principals. The practical and solutions-oriented approach will include worked examples and planning tips as well as highlighting the pitfalls to avoid.
Suited to:
Tax and accounting professionals and other business advisers who deal with, or are part of, professional practices and their principles including:
- Doctors, dentists and other medical practitioners
- Accountants
- Lawyers
- Architects
- Surveyors
The webinar will provide an overview of all the key tax issues to be considered when advising both the practice and the principals.
You will also be provided with:
- PowerPoint Slide Deck
- Searchable Transcript
- Any Supporting Documentation
- Webinar Recording to view multiple times for up to 6 months
- Q&A Session & follow up contact details
- CPD Quiz & Certificate
Course syllabus
3 lessons
- Video – Tax Issues for Professional PracticesVideo
- FeedbackSurvey
- Knowledge QuizTest
Your presenter
Mark ChapmanH&R Block
Since 2015, Mark Chapman has been Director of Tax Communications with H&R Block Australia. Mark is the author of Life and Taxes: A Look At Life Through Tax and has edited and updated the second, third and fourth editions of Australian Practical Tax Examples, published between 2019 and 2021 by Wolters Kluwer CCH Australia.
He has over 25 years experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.
Mark writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director.