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ATO finalises approach to Professional Practices

ATO finalises approach to Professional Practices

Working in professional services? Find out how new ATO Guidelines might affect you and your firm.

Four years after suspending their guidelines, the ATO has finalised its compliance approach to the allocation of professional firm profits with the publication of Practical Compliance Guidelines PCG 2021/4, set to take effect from 1 July 2022.

Watch this recording to learn more about:

  • How the ATO is looking to treat the way professional service firms allocate profits to individual practitioners in the PCG including the two Gateways and how to self-assess under the risk assessment framework
  • Application and transition dates
  • What activities the ATO are undertaking in relation to the guidelines
  • Remaining areas of uncertainty and what you need to do to obtain comfort regarding your arrangements

The information presented in this webinar was accurate at the time of recording, 3 May 2022.

Risk assessment toolkit

Following the publication of the ATO’s Practical Compliance Guidelines PCG 2021/4, Pitcher Partners professional firms risk assessment toolkit is now available. Explore the toolkit here, and if you have any questions please reach out to your Pitcher Partners tax expert.

This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

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