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Notes Online Home 2021 Tax Schools Day 2 What’s new for business in 2021?
ATO releases long awaited Ruling on the taxation of professionals
In this segment of the notes, we explore the long awaiting Ruling on the taxation of professionals released by the ATO. More specifically:
- Which professional firms and individual professional practitioners are governed by the NEW Guidelines?
- How is an individual professional practitioner’s risk assessed under the NEW risk assessment framework?
- What happens to individual professional practitioners who are unable to apply the NEW Guidelines?
- What are the transitional arrangements associated with the NEW Guidelines?
- How should clients be advised in relation to the NEW guidelines?