Established in 1980, Cooper Grace Ward is a leading independent law firm in Brisbane with over 20 partners and 200 team members. They offer a wide range of commercial legal services with a focus on corporate, commercial, property, litigation, insurance, tax, and family law. Their specialized team works across various industries, providing exceptional client service and fostering a strong team culture.
Many professional practices are structured in a manner that
allows the distribution of the professional practice's income
to non-practitioners.
The Commissioner has recently amended the ATO Guidelines on
allocation of profits within professional firms for those practices
wanting to avoid the risk of the application of Part IVA.
This paper looks at the scope of the three safe harbours
identified in the Guidelines and their legal standing.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
