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READ MOREATO to quiz professionals over profit allocation arrangements
The ATO will begin contacting professionals to quiz them about their profit allocation arrangements in the wake of issuing PCG 2021/4 late last year.
PCG 2021/4 sets out the ATO’s compliance approach to the allocation of profits or income from professional firms, and helps the firms manage the associated risks.
The guidance came into effect on 1 July 2022 and the ATO has set up a dedicated team responsible for its oversight.
“We will be contacting individual professional practitioners who may be in a higher risk category to understand their unique arrangements and structures and provide them with practical assistance and guidance about how they can mitigate any risks that may present,” the ATO said.
Read more at Accountants Daily
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