The ATO has finalised the Practical Compliance Guidelines (PCG) for the allocation of profits by professional firms. Now what?
Date: 17 February 2022
Time: 1:30pm AEST / 2:30pm AEDT / 11:30am AWST
Location: GoTo Webinar
The ATO has now finalised its view on the allocation of profits by professional firms. The final statement, contained in the Practical Compliance Guideline (PCG) 2021/4, is substantially the same as the draft, albeit with more examples as to how the ATO will apply the guidelines and with some concessions around the risk factors.
While there’s some interim comfort with the deferral of the start date to 1 July 2022, all firms have things to start considering now including:
While there’s some interim comfort with the deferral of the start date to 1 July 2022, all firms have things to start considering now including:
- Understanding how the gateways and risk assessment criteria affect your firm and its professionals
- What firms and professionals have to do to qualify for the two year transitional period to 1 July 2024 for arrangements that were low risk under the Suspended Guidelines
- How the final PCG fits in with other tax compliance guidelines
- Identifying & addressing potential obstacles in adopting the new arrangements
For more information please contact:
Carla van den Hoorn
Marketing and Communications Manager
D +61 7 3222 0258
T +61 7 3222 0200
E [email protected]