PCG 2021/D2 on allocation of professional firm profits (ATO stance on ‘income splitting’ etc.) – LCA submission as part of ‘consultation’

On Monday 1.3.2021, the ATO released a DRAFT Practical Compliance Guideline PCG 2021/D2: Allocation of professional firm profits – ATO compliance approach (see related TT article about this). On 15 April 2021, the Law Council of Australia made its submission to this proposed PCG – criticising both its foundations and its execution.

See below for further details.

[Tax Month – April 2021]