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The riskier side of allocating profits within professional firms

Now and then the ATO issues guidances on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship in the firm. Firms potentially affected include those providing services in the accounting, architectural, engineering, financial services, legal and medical professions and many more. Guidelines were issued three

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PCGs versus binding advice – it’s the law, not the vibe

Practical compliance guidelines (PCGs) have been brought up as a topic for discussion at a number of recent forums, notably at consultation groups the ATO hosts, which can include representatives of tax, accounting and legal professional associations, industry bodies, the Board of Taxation, Treasury and the ATO. At the table of various consultative meetings is

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It’s time to switch to the PLS, says ATO

The ATO has announced that from 1 April 2018 the practitioner lodgment service (PLS) is the only electronic channel that can be used to lodge the Individual tax return 2017. “If you haven’t started using the PLS you will need to make the switch by 1 April in order to lodge all 2017 and future year returns,”

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It’s not just taxpaying clients on thin ice over dodgy claims

In the ATO’s most recent tax professional webcast, a viewer posed the statement: “Agents lodging incorrect claims should be weeded out.” In response, one of the panel, Assistant Commissioner Kath Anderson, agreed that it is in everybody’s best interests to have a level playing field, but added, referring to practitioners, not their clients: “We need

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Common client mistake on GST – ATO warning

Tax professionals have been reminded by the ATO of a misconception that some taxpayers continue to make each income year regarding their eligibility to make claims for GST credits. The reminder, issued in the middle of the third quarter of the 2017-18 income year, seeks to enlist the help of tax agents at more of

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