On Friday 7.8.20 the Australian Financial Review’s reporters Hanna Wootton and Edmund Tadros posted an article entitled Age retirement partners rule is illegal: experts. It assesses the future of age based requirements for partners in professional forms to retire at certain ages, in wake of the recent claim by a former Deloitte partner, forced to retire at 62 and the approach of other Big 4 accounting firms to age based requirements for retirement (some changing their partnership terms and some standing firm). This is not directly a tax based article but so many tax practitioners are partners in professional firms, that I thought it would be of interest. POST SCRIPT – Deloitte settled this case, apparently for $millions, according to press reports in June 2021 (see related TT article).
See below for details.
