This on-demand session is available to watch instantly after purchase at the time of your choosing and will expire within 12 Months of purchase.
Date recorded: February 2024
As a result of representations from various professional bodies representing medical practitioners, the incorporation of professional medical practices has, for some years now, been accepted by the ATO as appropriate for income tax purposes subject to certain requirements. This seminar covers the specific requirements laid down by the ATO in this regard and also highlights the key tax implications arising from the incorporation of medical and other professional practices, including some tips, traps and planning opportunities associated with it.
Topics Covered:
- The ATO requirements for allowing incorporation of medical and other professional practices
- The ATO stance on the tax treatment of shareholders and directors of medical practice and other professional practice companies
- Specific tax treatment of a medical practice and other professional practice company losses and goodwill
- Specific tax treatment of goodwill inherent in medical practice companies
- The accounting basis for medical practice companies
- The application and effect of the PSI regime, including the scope of Taxation Ruling TR 2021/D2
- The scope and effect of Part IVA, including the ATO directives set out in Practical Compliance Guideline PCG/D2
- Tips, traps and planning opportunities relevant to medical practices
Benefits and Learning Outcomes:
After completion of this seminar attendees will have a comprehensive understanding of the specific requirements underpinning the determination of the taxable income of medical practice and other professional practice companies, including tips, traps and planning opportunities relevant to the same.
Recommended For:
This seminar is recommended for practitioners that manage the compliance obligations for, and/or provide advice to, professional practice entities and professional practitioners.
Meet your Speaker; Peter Adams:
Peter has more than 25 years experience as a tax practitioner, having worked in senior tax management roles in the profession with both KPMG and PwC as well as in commerce. Recently Peter has focused on providing tax consulting and tax training services in the SME market.
