ATO Professional Firm Profit Allocation Guidelines – How Risky Are You/Your Clients?
Overview
Understanding what the ATO’s changed approach in PCG 2021-4 means for you and your clients.
In 2021, the ATO radically changed the rules for all professional firms as to how taxpayers are allowed to arrange their affairs – moving from the 2014 ‘safe harbour’ approach to a complex ‘traffic-light’ risk scoring model.
Practitioners need to review their own structures and transactions – as well as those of their professional firm clients – to make informed choices for the future. The session will cover:
- History of tax case law on professional firm remuneration
- Outline of the guidelines
- Outline of the ‘red-light’ arrangements of concern to the ATO
- Case studies illustrating the practical issues with the guidelines
- Industry feedback and concerns for the future
Learning Outcomes:
Professional practitioner understanding of the:
- nature and extent of potential risks with common professional firm profit allocation structures and transactions
- advice on how to recognise and best deal with such problems
- legal risks for clients and their advisors from such impacts
Suited to:
Accountants, tax practitioners, BAS agents and lawyers serving small businesses, private groups and wealthy individuals.
This On Demand includes:
- a recording of the webinar Event which can be viewed multiple times
- a PDF of the presenter’s PowerPoint
- a verbatim Transcript
- any supporting documentation
- a CPD Certificate after successful completion of the Knowledge Quiz
Course syllabus
3 lessons
- Video – ATO Professional Firm Profit Allocation Guidelines – How Risky Are You/Your Clients?Video
- FeedbackSurvey
- Knowledge QuizTest
Your presenter
Bruce CollinsTax Controversy Partners
, Tax Controversy Partners Pty Limited, Principal Solicitor.
Bruce is the founder and principal solicitor at Tax Controversy Partners Pty Limited, currently helping clients to resolve all types of tax issues issues with the ATO and SROs. Before moving into private practice in 2017, Bruce worked for over 35 years in the Tax Office, a third of this time as a Senior Executive in what is now Client Engagement Group, covering most ATO functions. Bruce was the leader of the Technical & Case Leadership area in Private Wealth for several years prior to leaving the ATO, as well as having previously been the strategic leader of the ATO’s Professional Firms project until 2015.
Bruce has an Accounting Certificate (1989), a First-Class Honours Degree in Law (1995), a Graduate Diploma in Legal Practice (1996), a Masters of Taxation (2003) and a Masters of International Taxation (2006). Bruce is a Chartered Tax Advisor with the Tax Institute, a member of the Law Society of NSW and is both a member of the Law Council of Australia and current Chair of their SME Committee.