The ATO is watching your professional clients to see if they comply with the guidelines in PCG 2021/4 when allocating profits to individual practitioners. These guidelines apply to professional firms which include, but are not limited to, accounting, architecture, engineering, financial services, law, medicine and management consulting. This calculator will help you to assess any risk associated with profit allocations among your professional clients.
The ATO say “We expect you to annually assess your eligibility to apply this Guideline. If you want to apply this Guideline, we expect you to document your assessment of, and also to review, your eligibility as your business or arrangement changes.” And “We may fact-check your assessment of your profit allocation. If you are unable to provide evidence to support your assessment, we may undertake further compliance activity.”
Warning: this file is not compatible with Microsoft Excel versions 2016 or prior, the cloud-based version of Excel, Excel for Mac, or Google Sheets.
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