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ARTICLE · 15 MARCH 2018

ATO suspends application of Assessing the Risk (Part IVA): professional firm guidelines and Everett Assignment web material

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The ATO suspended the application of these guidelines because they claimed they were being interpreted inappropriately.

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Selwyn Black
Selwyn Black
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The Australian Taxation Office (ATO) has suspended the application of the Assessing the Risk: Allocation of profits within professional firms guidelines and Everett Assignment web material (Guidelines) which it published in 2015.

The Guidelines set out low and high risk factors the ATO would consider in assessing whether Part IVA (the general anti avoidance provision of Australian tax laws) would apply in connection with the allocation of profits from a professional firm carried on through a partnership, trust or company. The Guidelines considered that Part IVA may apply to Everett Assignments (where a partner assigns part of their interest in a partnership to another person, such as a spouse).

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