The Victorian State Government last week released its 2021-2022 Budget. Although aimed at a broad cross-section of the State, the Budget’s revenue raising measures primarily targeted landowners, property developers and gender exclusive clubs.

The Australian Taxation Office (ATO) has released guidelines which set out the ATO’s proposed compliance approach to the allocation of profits by professional firms. The Draft Practical Compliance Guideline PCG 2021/D2 Allocation of professional firm profits – ATO compliance approach (Draft PCG) make substantial changes to the former guidance that the ATO suspended in late 2017.