Business Services Industry
Crackdown on service trust perks.
Australasian Business Intelligence, April, 2006
Byline: Leon Gettler
Apr 20, 2006 (The Age - ABIX via COMTEX) -- The Australian Taxation Office (ATO) issued new guidelines on service trust fees on 20 April 2006. Service trusts - often used by accountants, doctors, lawyers and other professionals as a means of protecting their assets - have had income tax deductions tightened following million-dollar settlements with major accounting firms Ernst & Young and KPMG. The tax counsel of the Institute of Chartered Accountants, Ali Noroozi, believes that the April 2006 ruling represents an improvement on the May 2005 draft, and reflect concerns raised in the ATO's public consultation process.
Publication Date: 21 April 2006
AUSTRALIAN TAXATION OFFICE
THE INSTITUTE OF CHARTERED ACCOUNTANTS...
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