Profit-splitting professionals ‘in the dark’ over revised tests
A wide range of professions from lawyers to accountants, from engineers to architects, remain unaware that they will have to restructure their profit allocations to comply with revised rules on income splitting from 1 July.
A taxation services partner at HLB Mann Judd, Peter Bembrick, said it was unclear how widely the ATO would choose to cast its compliance net after publishing PCG 2021/4, on the allocation of professional firm profits, last December.
Shared from Accountants Daily
