The ATO has now finalised its view on the allocation of profits by professional firms. The final statement, contained in the Practical Compliance Guideline (PCG) 2021/4, is substantially the same as the draft, albeit with more examples as to how the ATO will apply the guidelines and with some concessions around the risk factors.
While there’s some interim comfort with the deferral of the start date to 1 July 2022, all firms have things to start considering now including:
- Understanding how the gateways and risk assessment criteria affect your firm and its professionals
- What firms and professionals have to do to qualify for the two year transitional period to 1 July 2024 for arrangements that were low risk under the Suspended Guidelines
- How the final PCG fits in with other tax compliance guidelines
- Identifying & addressing potential obstacles in adopting the new arrangements
In this webinar we cover these and other important issues and our team of experts answer a range of questions from our audience.