Profits of Professional Services Firms Webinar
Applying the ATO’s risk factors to professional firm profits
How to self-assess the risk rating for a professional services firm
What needs to be done to end up in the 'green' risk zone
Are service entities next in the firing line
A Live Instructor Led Webinar
The ATO’s updated guidance on dealing with professional firm profits has caused many practitioners to reconsider how profits are allocated to themselves and their related parties. The Profits of Professional Services Firms Webinar explores the impact of the ATO’s guidance and how to determine the risk level that applies to practitioners.
The final guidelines applied for the first time in the year ending 30 June 2023, although some practitioners have been able to take advantage of transitional arrangements. The transitional period ended on 30 June 2024 which means that many firms and their principal practitioners are still trying to determine what needs to be done to achieve a low-risk rating.
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 clearly been put on notice that Part IVA could potentially apply depending on how profits of the firm are dealt with. Now is the time to act.
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AU $195 members
AU $235 non-members
Register Team*
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AU $520 members
AU $595 non-members
Details
Thursday, 13 March 2025
1.25 CPD Hours
*Office Registrations. Maximum 10 participants per firm (must have same email domain). The PD points for all attendees will be recognised and links will be provided to all attendees.
What we cover
The Profits of Professional Services Firms Webinar explains what you can and can’t do if you want to stay under the ATO's radar.
What's included?
- 1 x 1.25 hour webinar (est.)
- 3 month access to Q&A embedded webinar recording
- Reference notes
- Determining whether income is derived from personal services or from a business structure
- What can and can’t be done when the PSI tests are passed
- Applying the gateway conditions in PCG 2021/4 to determine whether the guidelines can be applied
- Working through each of the three risk assessment factors in practice
- How to calculate your risk 'score' and determine whether you are in the green, amber or red zone
- Understanding when the guidelines apply and how the ATO's transitional arrangements work
- Other areas of ATO focus when it comes to professional firms, including service entity arrangements
Our presenter
Michael Carruthers
Michael is an adviser, author, in demand presenter, mentor to Knowledge Shop’s technical team, and is well known for his capacity to translate highly technical information into tangible and useable advice for the profession. He has a knack for seeing through the complexity and helping advisers work through highly technical issues with certainty and accuracy.
Michael works with advisers every day to help them negotiate and implement the constant tide of change impacting the industry.
He was a member of the advisory panel for the Board of Taxation, a member of the reference group for the Board’s review of small business concessions, and an expert panel member for the Board’s review of tax impediments facing small business.
Terms & Conditions
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