Our latest insights

The Federal Government introduced the much anticipated “patent box regime” rules into Parliament on 10 February 2022, as announced in the Federal Budget 2021-22.

Released on 16 December 2021, the ATO has finally released its final Practical Compliance Guideline PCG 2021/4 for the allocation of professional firm profits.

Small businesses should know the Australian Tax Office has started to chase unpaid tax debts again in Victoria, NSW and the ACT as the three jurisdictions emerge from COVID-19 lockdowns.

The ATO has published the long awaited draft revision of the Practical Compliance Guideline PCG 2021/D2 for the allocation of profits by professional firms.

The United States national election is over, and while we await ratification of the results and inauguration of the new President, focus must now turn to the likely tax policies of the Administration of President Elect Joe Biden.

On 15 September 2020 the Federal Treasurer Josh Frydenberg released the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 8) 2020 (and Explanatory Statement).

As many employers still await further details about whether they will qualify for JobKeeper, the ATO Commissioner has extended the time to make payments for the first two fortnights (i.e. 30 March – 12 April and 13 April – 26 April).

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.

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.