Dealing with the Profits of Professional Services Firms Webinar

Latest ATO guidance and key risk areas

Friday 16 August 2019

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ATO guidance on allocation of profits for the 2019 income year
When income splitting and retaining profits is acceptable
What causes a Part IVA problem

In recent years, the ATO has signalled its clear intention to delve into arrangements and business structures commonly used by accountants, lawyers, medical practitioners and other professionals. The ATO is specifically concerned with professional practices operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed.

Professional firms have been put on notice that Part IVA could potentially apply depending on how profits of the firm are dealt with. We explore what you can and can’t do if you want to stay under the radar in light of the ATO’s latest guidance in this area.

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What we cover

This practical webinar covers:

  • Determining whether income is derived from personal services or from a business structure
  • Latest ATO guidance on allocating profits for the 2019 year and how this is likely to change for the 2020 year
  • What can and can’t be done when the PSI tests are passed

  • Why using a partnership structure can change the tax outcome
  • Step by step guide to staying under the Part IVA radar
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Our Presenter

Michael Carruthers

Tax Director, Knowledge Shop

Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Hayes Knight group’s national tax committee.

Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy

Michael is a member of the advisory panel for the Board of Taxation and is a member of the reference group for the Board’s review of small business concessions. He was also an expert panel member for the Board’s review of tax impediments facing small business.

Michael Carruthers
Michael Carruthers
Tax Director, Knowledge Shop

Friday 16 August 2019

12:00pm - 1:15pm AEST in ACT, NSW, QLD, TAS & VIC
11:30am SA & NT | 10:00am WA

Members

  • $195 Individual access
  • $350 Office access*
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Non-Members

  • $235 Individual access
  • $390 Office access*
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Terms & conditionsAll registrations to Knowledge Shop events are subject to our terms and conditions which include a cancellation policy. No refunds are provided for cancellations received 1 day prior to the webinar. No credits are available less than 2 hours prior to the event under any circumstances.

*The office rate applies per office location (maximum 10 participants per office location). The PD points for all attendees will be recognised - multiple links at same location if required. We will contact you for the names of your team once you have registered as an office.

Requirements

You will need a computer with audio!!

  • Audio Your computer needs speakers or a headset to hear the audio (do a quick check these work). If you are having problems, you can dial in on the phone number provided on the reminders and confirmation but please note your carrier will charge you at long distance rates.
  • Software Join the webinar 15 minutes prior to check that your computer systems allow you to download the GoToMeeting software. Or check your connection days before the webinar by going here
  • Webinar URL To join the webinar, you need to click this link. It was sent to you when you registered and will also be on the reminders - check your spam if you have not received and please contact us ASAP if you have lost.
  • Changing computers If you need to change computers during the webinar, make sure you log off the webinar on the first computer before logging onto the second computer.
  • PC requirements PC users (Windows® 8, 7, Vista, XP or 2003 Server) ; Mac users (Mac OS® X 10.6 or newer); Mobile users (iPhone®, iPad®, Android™ phone or Android tablet).