The Tax Office (ATO) has issued new guidelines for professional firms

It is expected the ATO will commence assessing tax compliance for professional firms using the new guidelines from the 2014/2015 financial year.

 Are you affected?

The guidelines explain how the ATO will assess the risk of tax avoidance applying to the allocation of profits from a professional firm carried on through a partnership, trust or company where the income is not personal services income. The guidelines apply to relevant arrangements within professional firms including, but not limited to, accounting, architectural, engineering, financial services, legal and medical professions. These rules are new and can be complex.

Please call us to make sure you are complying for the current financial year.