profit distributions

ATO Guidelines on Professional Practice Structures

Back in September the ATO issued new guidelines on profit distributions from professional practices. Although these are primarily aimed at some contrived constructions used by larger legal and accounting practices, they equally apply to other professional ‘business’, including medical practices. The guidelines seem to contradict the ATO’s own tax rulings and we have been involved in drafting a submission by the Tax Institute to the ATO requesting a re-drafting or clarification. Read Moreā€¦