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Differentiation of professions and firms within them

Differentiation of professions and firms within them

By Commercial Law Section

Advocacy Capital Gains Tax 

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The LIV has made a submission in response to an issues list released by the ATO in relation to the differentiation between professions and the firms within them, and on the issues that arise from this differentiation.

The submission follows on from the Professional Firms Working Group meeting with the ATO to consider the changing structures of professional firms and the differentiation between professions and firms within these professions for taxation purposes.

The LIV believes it is a combination of factors which distinguish professions from other businesses, including ethical standards and regulation of these standards, accreditation requirements, and the accepted structures of a professional firm and the sharing of income within these structures.

Read the submission here (PDF). 

 

Contact

Commercial Law Section

E: commerciallawsection@liv.asn.au

P: (03) 9607 9311

 


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