The taxation tactic that could soon get doctors in trouble
Those who split their income with their spouses can expect questions, writes Zilla Efrat.
Doctors who split their personal income with their spouse could soon find themselves in trouble with the tax office.
Towards the end of last year, the ATO suspended its guidelines for allocating profits within professional services firms such as medical practices because these are being “misinterpreted”.
“We have observed a variety of arrangements exhibiting high-risk factors not specifically addressed within the guidelines, including the use of related-party financing and SMSFs,” it