[CPD] PCG 2021/4 : How to advise your clients on professional firm profits

Business

If you have consultants, doctors, dentists, other medical professionals, lawyers, architects, engineers, geologists and other professionals as clients - you need to ACT NOW to advise them about their 2023 tax. Leaving it until the usual tax planning time of May/June 2023 will be too late.

By Change GPS • 28 October 2022 • 2 minute read

The ATO released PCG 2021/4 - Allocation of Professional Firm Profits last year, and it applies from July 2022 onwards. The ATO require your professional client groups to have an average tax rate of between 30% and 35% otherwise the ATO will review your client and start the "please explain" process that may lead to a tax audit.

If you don't advise your clients about this now - and the extra tax they will need to pay for the 2023 year - it's highly likely your clients will BLAME YOU for not telling them earlier and not giving them enough time to save the extra tax.

This is not something you leave until 2023 Tax Planning in May/June 2023.

Learn about this new ATO "bombshell" Practical Compliance Guideline and how it affects your professional firm clients
Understand the options open to your clients
See the NEW Tax Advice report "Allocation of Professional Firm Profits" generated from our TaxPlan app and how it uses Scenario Reports to easily explain the ATO's complex viewpoints
Understand how to explain to your professional clients that they will be paying more tax from 2023 onwards and how you're there to help them

PLUS: See a how to use the stunning new Professional Firm Profits Tax Advice Report with your clients in a new "Dr Dave and Accountant Tim" live role play!

Learn more.