Finance
Ashley Davidson

The ATO has put professional business owners on notice. Here’s what you need to know

Authors
Ashley Davidson
Tax
5 minute Read

Just before Christmas, the Australian Tax Office (ATO) issued its new approach to professional firm profits — the Practical Compliance Guideline (PCG) 2021/4 — four years after the previous guideline on professional firm profits was suspended.

The guideline provides a broad outline of the ATO’s approach in applying additional scrutiny to business owners who share in the profits of a professional business.

The changes could impact a wide range of professional equity owners in businesses — while leaving non-professional equity owners untouched.

So what does the new guideline mean for professional business owners?

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