Trusts are a popular structure for family businesses and groups because of its inherent asset protection, flexibility and ability to pass assets to future generations with limited tax consequences. Moore Australia tax experts discuss what the ATO is concerned with and upcoming changes. 

The Australian Taxation Office (ATO) is targeting accountants, architects, engineers, lawyers and other professionals! 

The ATO has released Practical Compliance Guideline (PCG) 2021/4 which finalises its compliance approach towards the allocation of profits from professional firms to an individual professional practitioner (IPP). The ATO is specifically concerned with arrangements involving the provision of services where the IPP redirects income to an associated entity, where it has the effect of altering their overall tax liability.

We may not understand the dynamics of how cryptocurrency works (very few do), but the last few days and weeks have highlighted the volatility of the cryptocurrency market. Whilst we are not economists and cannot explain how a couple of tweets can cripple the crypto market, we are well placed to advise you on the tax ramifications of buying and selling cryptocurrency.