The ATO crack down on service trusts and the changes in legislation that allowed accountants and lawyers to practice in company and trust structures resulted in the restructure of many professional practices.
Recently restructured practices are a likely target for ATO reviews and audits. This paper identifies some of the main issues on which the ATO appears to be focusing when reviewing practice restructures and looks at how to deal with them if and when an audit eventuates.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please let us know.