The Tax Institute welcomes the opportunity to make a submission to the Australian Taxation Office (ATO) in relation to the draft Practical Compliance Guideline PCG 2021/D2, Allocation of professional firm profits “ ATO compliance approach (the draft PCG).
This separate submission complements a previously lodged joint submission dated 30 March 2021 with CPA Australia, Chartered Accountants Australia and New Zealand, Institute of Public Accountants and the Business Law Section of the Law Council of Australia (together, the Joint Bodies). We continue to support the view as represented in the Joint Bodies submission.