KEY CONTACTS

Andrew Sykes is a Partner in the Business Advisory division in Canberra. Andrew has over 20 years' experience advising businesses on taxation, growth and improvement strategies.
Andrew Sykes
Managing Partner
Business Advisory
Canberra
Andrew Fernance is a Fellow Chartered Accountant (FCA) and Registered Tax Agent with over 25 years experience in providing clients with accounting, tax, and business advisory services.
Andrew Fernance
Director
Business Advisory
Canberra

Taxation of professional services firms | Roundtable Event

The Australian Taxation Office (ATO) released the Practical Compliance Guideline (PCG) 2021/4 to provide a clear compliance framework for the allocation of professional firm profits. This has resulted in a number of additional considerations around the distribution of profits for professionals to ensure compliance with relevant tax laws.

Andrew Fernance, Director: Business Advisory, and RSM in Canberra’s Managing Partner, Andrew Sykes, shared key insights to provide clarity to senior individuals in professional services firms, including:

•    Understanding the Practical Compliance Guideline 
•    Eligibility requirements 
•    Risks of non-compliance

The ATO’s PCG 2021/4 is now fully in effect for 2025 and is quietly reshaping how professional services firms structure and distribute profits, with less flexibility, more scrutiny, and higher personal tax for many.

To understand how these changes might affect your firm, read Andrew’s full article on the ATO’s Practical Compliance Guideline.

VIEW THE EVENT PHOTOS BELOW: