'Frypan to fire': Tax traps for GPs

A recent announcement by the Australian Tax Office aimed at professional services firms was a warning shot for practitioners who channel their income through business structures designed to slash their tax liability.

Among other questions in the wake of the 2 September advisory, practitioners and their financial advisers are waiting for clues as to what the ATO will deem acceptable levels of income for individuals operating in corporate structures.

But practice consultant and accountant David Dahm says GPs should be aware of other pitfalls, such as

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