If you have consultants, doctors, dentists, other medical professionals, lawyers, architects, engineers, geologists and other professionals as clients - you need to ACT NOW to advise them about their 2023 tax. Leaving it until the usual tax planning time of May/June 2023 will be too late.
The ATO released PCG 2021/4 - Allocation of Professional Firm Profits last year, and it applies from July 2022 onwards. The ATO require your professional client groups to have an average tax rate of between 30% and 35% otherwise the ATO will review your client and start the "please explain" process that may lead to a tax audit.
If you don't advise your clients about this now - and the extra tax they will need to pay for the 2023 year - it's highly likely your clients will BLAME YOU for not telling them earlier and not giving them enough time to save the extra tax.
This is not something you leave until 2023 Tax Planning in May/June 2023.
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