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On 16 December 2021 the ATO released the finalised Practical Compliance Guideline PCG 2021/4: Allocation of professional firm profits – ATO compliance approach. With a delayed commencement date of 1 July 2022, and transitional arrangements available until 1 July 2024, this will provide tax practitioners time to identify and advise those ‘high risk’ clients. Join Alex as he examines the professional practices framework, including:– The history of personal services income (PSI), professional firm profits and Everett assignments– A detailed review of Practical Compliance Guidance PCG 2021/4: Allocation of professional firm profits – ATO compliance approach and the latest PSI guidance issued by the ATO– What the PCG does not address and how can advisors navigate those circumstances and– How structuring can be valuable in complying with PCG 2021/4.
On 16 December 2021 the ATO released the finalised Practical Compliance Guideline PCG 2021/4: Allocation of professional firm profits – ATO compliance approach. With a delayed commencement date of 1 July 2022, and transitional arrangements available until 1 July 2024, this will provide tax practitioners time to identify and advise those ‘high risk’ clients. Join Alex as he examines the professional practices framework, including:
– The history of personal services income (PSI), professional firm profits and Everett assignments– A detailed review of Practical Compliance Guidance PCG 2021/4: Allocation of professional firm profits – ATO compliance approach and the latest PSI guidance issued by the ATO– What the PCG does not address and how can advisors navigate those circumstances and– How structuring can be valuable in complying with PCG 2021/4.