PCG2021/4 Professional Firm Profits

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PCG 2021/4 Professional Firm Profit

The ATO guidance (PCG 2021/4) totally changes the way that professional firm profits can be allocated (or split) among a family group from 1 July 2022 onwards.

As a result, most professionals will end up paying larger amounts of tax from the 2023 financial year onwards.

The new ATO guidelines requires Professional Firm clients (Eg, Accountant, lawyers, professional services, architects, engineers, etc) to annually review their allocation of professional firm profits and then to document their assessment of their eligibility to apply the PCG 2021/4 guidelines.


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