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2021 Local Tax Club - Brisbane CBD - Part 10: Allocation of professional firm profits

Wednesday, 24 November 2021 - 7:30 AM to
9:00 AM

Registration Time: 16:45:00 PM

Member Price: $125.00

Non Member Price: $150.00

CPD hours:1.50

Allocation of professional firm profits

In May 2021, the Commissioner released draft practical compliance guideline PCG 2021/D1 promising to provide clarity and certainty with respect to the vexed and long-running issue of how professional firms distribute profit.

Unfortunately, despite taking over 4 years to arrive, the draft guidelines do not yet provide the certainty hoped for in the industry. Leading to questions, including:

• Exactly when do the guidelines apply?

• How do the gateways work and are they appropriate?

• Is the formulaic risk allocation reasonable?

• How do the guidelines deal with profits generated from the business, if at all?

The draft guidelines do not provide safe harbours, but instead offer the threat of audits to compel compliance with a model created by the Commissioner, not the legislature or the courts.

In this session, we will discuss these issues together with industry feedback to date, and consider what will happen next.

Topic Presenter: David Hughes, CTA, McCullough Robertson

David is a Partner at McCullough Robertson and a Queensland Law Society Accredited Specialist in taxation law.. David acts for clients throughout Australia and offshore in relation to navigating cross-border taxation issues, including structuring advice and taxation disputes with the ATO, including audits, objections and running appeals in the High Court, Federal Court and the Administrative Appeals Tribunal against excessive tax assessments. David has also taken court action to prevent the ATO from taking illegal enforcement action, including successfully overturning departure prohibition orders.

Tax Update Presenter: Tara Cuddihy, CTA, PwC

Tara is a Director in PwC’s Private Clients tax group with over 10 years’ experience specialising in providing tax consulting and compliance services to privately owned companies, high wealth individuals and their associated businesses and family owned entities. In more recent times Tara has worked with clients in respect to their estate and succession planning as well as working with clients undertaking large scale acquisitions in the agribusiness sector. Tara regularly presents on a wide range of tax topics, most recently on discretionary trusts, primary production and structuring issues