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Budget crackdown on income splitting by lawyers, accountants

A key aspect of a common tax-reduction strategy employed by partners in legal, accounting and other professional service firms has been cut off in this year's budget.

Budget crackdown on income splitting by lawyers, accountants
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The Tax Office will no longer allow partners to access the small business capital gains tax concession for any capital gain made on assigning an income stream to another person.

Read the full article at the Australian Financial Review.

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