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ATO Issues Notice on Compliance Approach to Professional Firm Profit Allocation Arrangements

|Approved Changes|Australia
Australia

The Australian Taxation Office (ATO) has issued a notice on its compliance approach to the allocation of professional firm profits as outlined by Practical Compliance Guideline (PCG) 2021/4, which applies from 1 July 2022.

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Professional firm profit allocation arrangements

Professional firms (such as accounting, law, medical, engineering, architecture, management consulting, and financia…

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