Assessing the Risk - Allocation of Profits within Profession
Assessing the Risk - Allocation of Profits within Profession
Wednesday 4 May 2016
Recording and paper
Length: 1 hour 29 minutes
Practice Management
Recorded on 4 May 2016

Presenters:
Simon Webster and Adrian Zuccarini - Australian Taxation Office

The changing professional landscape, including regulatory change, has seen professional practices employing a wide array of business structures as an alternative to the traditional professional practice partnership in recent years.

The ATO released Taxpayer Alert 2013/3 in late 2013 to articulate their concerns with the use of such structures. After consultations with the professions, through the Professional Firms Working Group, co-designed risk based guidelines were released to provide guidance on the allocation of profits within professional firms in 2015.

This session will discuss the ATO’s approach to the assessment of tax compliance risks associated with the allocation of profits through various business structures and the practical issues associated with the application of the guidelines.

Simon Webster and Adrian Zuccarini - Australian Taxation Office
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