Your practice

Relevant and practical knowledge and tools to build your business

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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ATO due dates (April to May)

Date Obligation 21 April   Lodge and pay quarter 3, 2017–18 PAYG instalment activity statement for head companies of consolidated groups. Lodge and pay March 2018 monthly activity statement. 28 April Lodge and pay quarter 3, 2017–18 activity statement if lodging by paper. Pay quarter 3, 2017–18 instalment notice (form R, S or T). Lodge the notice only if you are varying

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