On 16 December 2021, the ATO released the finalised Practical Compliance Guideline PCG 2021/4: Allocation of professional firm profits - ATO compliance approach. With a delayed commencement date of 1 July 2022, and transitional arrangements available until 1 July 2024, this will provide tax practitioners time to identify and advise those 'high risk 'clients. Join Vanessa as she examines the professional practices framework, including:
- The history of personal services income (PSI), professional firm profits and Everett assignments
- A detailed review of Practical Compliance Guidance PCG 2021/4: Allocation of professional firm profits -ATO compliance approach and the latest PSI guidance issued by the ATO
- What the PCG does not address and how can advisors navigate those circumstances
- How structuring can be valuable in complying with PCG 2021/4.