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READ MOREATO cracks down on partnership income splitting used by lawyers, accountants
The Australian Taxation Office is set to crack down on the misuse of a key income-splitting method commonly used by traditional partnerships in law, accounting and other professional service firms after shutting down another splitting technique used by partners in this year's budget.
Tax officials released a list of concerns they have over the way some firms are using service trusts, a technique used by partnerships to split the profit from the main operation into parts and to protect assets, after withdrawing the old rules for allocating profits last December.
Read the full article at the Australian Financial Review.
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