Professionals ‘misusing’ partnerships of trusts
The ATO is reviewing arrangements involving accountants, lawyers and other professionals operating through partnerships of discretionary trusts, and conducting examinations in appropriate cases, to consider whether the transactions are effective at law.
The ATO acknowledges that professional practices may “legitimately operate as a partnership of discretionary trusts, but in some cases we’re seeing people misuse the structures to avoid their tax obligations.”
The ATO is also developing further guidance on these arrangements and reviewing relevant Taxation Rulings and Determinations.
The ATO will apply compliance resources to consider the possible application of the anti-avoidance rule to arrangements of the type covered by the alert in relation to tax benefits arising in the 2013/14 income year and later income years.
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