Additional tax compliance requirements for professional firms
If your business primarily sells products or is not considered a “professional firm,” you may be affected by the new guidelines published by the ATO regarding profit allocation arrangements. These guidelines will take effect on July 1, 2022, and will have a two-year transition period.
Professional firms include but are not limited to accounting, law, medical, engineering, architecture, management consulting, financial services & stockbrokers, businesses in building & construction (e.g. builders, plumbers, electricians), real estate agents and services such as waste removal and funerals.
Inspire accountants will provide detailed guidance to their professional firm clients on the new guidelines during the Annual General Meeting or during tax planning sessions.
We suggest that you speak to your accountant in the next couple of months to see how the new guidelines could affect your current arrangements.
Reference: shorturl.at/TUY01
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
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