Our Submission on ATO's Draft PCG 2024/D2: Advocating for Clearer Guidelines

The Institute of Financial Professionals Australia (IFPA) has provided a detailed submission in response to the draft Practical Compliance Guideline (PCG) 2024/D2 issued by the Australian Taxation Office (ATO). The submission emphasises the importance of prospective application…

The Institute of Financial Professionals Australia (IFPA) has provided a detailed submission in response to the draft Practical Compliance Guideline (PCG) 2024/D2 issued by the Australian Taxation Office (ATO). The submission emphasises the importance of prospective application of the guidance, given the potential for confusion surrounding Part IVA and its implications for personal services businesses (PSBs). IFPA advocates for a balanced approach, recognising the complexities faced by practitioners in complying with both the PSI rules and the ATO's stance on income splitting.

For more information, the complete submission is available for member reference​ here.