In this month’s webinar we will explore the new Australian Taxation Office (ATO) Guidelines “Assessing the risk: allocation of profits within professional service firms”. It catches every partnership, company and trust structure that exists within Australia, in other words, every legal firm that is not a sole principal practicing in their own name without a service entity.
These new guidelines mean that the ATO will be reviewing your legal firm distribution strategy for the current financial year and be assessing it as HIGH or LOW RISK. If your firm is assessed as HIGH RISK you could be subject to further investigation by the ATO.
If you would like to discuss anything I covered in the webinar please email me.