PCG 2021/D2 – Allocation of professional firm profits – ‘exposure draft’ finally released – ATO says same three factors still apply

Tax Month - March 2021

On Monday 1.3.2021, the ATO released a DRAFT Practical Compliance Guideline PCG 2021/D2: Allocation of professional firm profits – ATO compliance approach. The Guideline explains how the ATO intends to apply compliance resources when considering the allocation of professional firm profit or income in the assessable income of the individual professional practitioner (IPP). The Law…

Tax Month – March 2021

Tax Month - March 2021

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – March 2021 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ COMPILING…

Tax Month – February 2021

Tax Month - February 2021

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – February 2021 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ COMPILING…

Tax Month – January 2021

Tax Month - January 2021

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – January 2021 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ COMPILING…

CoT v MWB Accountants – Commissioner failed to extract an ‘overpaid’ refund from a tax agent (APOLOGY – if the agent’s version is correct)

Tax Month - February 2021

Tax Technical previously published an article (in Jan ’20) about a decision, made by County Court, against the Commissioner of Taxation. That Court held that the Commissioner could not recover a taxpayer’s refund, which he alleged was overpaid, by putting the correcting debit in the tax agents ‘RBA’ (which would create a liability, for the tax agent,…

Tax Month – December 2020

Tax Month - December 2020

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – December 2020 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ COMPILING…