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Assessing risk when implementing profit sharing arrangements Client Alert

The Australian Tax Office (ATO) issued its latest guidelines dated 25 June 2018 to professional services firms regarding its assessment of risk in respect to allocation of profits within such firms.

Ben Matthews
Yan Wong
| 2 min read | 02 Jul 2018
Assessing the risk: allocation of profits within professional firms Client Alert

You may recall in 2014 that the ATO issued guidelines (which were finalised in 2015) providing safe harbour benchmarks (30% effective tax rate, 50% individual share of income or benchmark comparable senior employee remuneration) for acceptable profit sharing arrangements involving Individual Professional Practitioners and legally effective practice entities.

Yan Wong
Ben Matthews
| 2 min read | 28 Jan 2018