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Professionals urged to review profit allocation ahead of 1 July

The ATO has reminded professionals including accountants to review their profit allocation arrangements, with a new compliance approach applying from July 2022.

Professionals urged to review profit allocation ahead of 1 July
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Professionals urged to review profit allocation ahead of 1 July

In December last year the ATO released Practical Compliance Guideline 2021/4, which applies to arrangements where taxpayers redirect their income from a business or activity to an associated entity and that income includes income from their professional services.

Read more at SMSF Adviser

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