Daily Archives: February 9, 2022

ATO releases long awaited new guidelines for professional firms but uncertainty remains for many – PCG 2021/4

Four years after suspending their guidelines relating to the allocation of profits of professional firms, the Australian Taxation Office (“ATO”) released PCG 2021/4 (“Guidelines”) setting out its revised compliance approach. The Guidelines provide for a “traffic light style” risk assessment framework containing three risk factors that allow certain professionals to self-assess their risk of ATO compliance…

CofT v Coronica – ATO wins appeal on SMSF trustee disqualification

The ATO has successfully appealed an AAT decision which had overturned the Commissioner’s disqualification of a trustee of a self-managed superannuation fund (SMSF). The AAT had affirmed a non-compliance notice given to the SMSF for multiple breaches of the SIS Act but set aside the ATO’s decision to disqualify the trustee under s126A of the…

Covid-19 Rapid Antigen Tests (RATs) costs to be made deductible (if work related) and FBT exempt – Assistant Treasurer announces

On 8 February 2021, the Government announced that it would introduce specific legislation to ensure that the cost of Covid-19 Rapid Antigen Tests (RATs) would be both tax deductible (if work related) and FBT exempt for employers. The Prime Minister assumed it was deductible/FBT exempt on 22 December 2022, when defending the Government’s decision to…