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.
Excellence in Inclusivity and Accessibility recognises businesses for their leadership in creating welcoming, inclusive spaces and ensuring accessibility for all. In this episode, the award-winnings share how inclusion isn’t just the right thing to do - it’s a smart business move.
The Local Community Connection Award recognises businesses with a commitment to strengthening the Mornington Peninsula community through networks, partnerships and social contributions. This episode features the award-winners as they share practical strategies, proven approaches, and inspiring stories that show how community connection isn’t just good for people - it’s sound business practice.
