New guidelines for professional services firms - lawyers, architects, medical practitioners etc., came into effect on 1 July 2022. The guidance takes a strong stance on structures designed to divert income in a way that results in principal practitioners receiving relatively small amounts of income personally for their work and reducing their taxable income. The ATO is now contacting professionals who they believe might be at risk. Any structural changes that need to be made to reduce risk, should be completed by the end of the 2022-23 financial year. Where the ATO deems that income has been diverted inappropriately to create a tax benefit, they will remove that benefit and significant penalties may apply.
Thinking outside the box.
Our thinking doesn’t
just deliver value.
It saves you time.
It’s more than just reducing expenses or helping you improve profitability today. It's about fast tracking your success by taking the time to build a shared vision of your best future. Backed with dedicated and unparalleled team industry leading expertise, empowering you with the tools and guidance to make informed decisions, streamline your financial processes, raise the bar on what’s possible and help you achieve your business goals more efficiently.
The most valuable thing to our success is you. The most valuable thing to you is time.
Where knowledge meets
understanding in tax solutions.
With over thirty years of experience, we know that a good business stems from the roots; from our people.
We offer a unique combination of taxation, accounting, financial and advisory services tailored to the individual requirements of your business.
The contents of this website should be read in conjunction with the Terms & Conditions and Privacy Policy.
LIABILITY LIMITED BY A SCHEME APPROVED UNDER PROFESSIONAL STANDARDS LEGISLATION
Liability Limited by a Scheme Approved under Professional Standards Legislation