The party says accounting firms structured as partnerships with more than 100 partners should pay payroll tax on their partner income.
The NSW Greens have proposed an amendment to force accounting firms structured as partnerships with more than 100 partners to pay 5.45 per cent payroll tax on their partner income.
The amendment to the state Payroll Tax Act 2007 would define as “wages” the “amount paid or payable, as profit distribution, to a partner of any Australian accounting partnership” which is “covered by a professional liability scheme” and has more than 100 partners. It would only cover partner profit distributions made in NSW.
Partners within a partnership legal structure typically have unlimited personal liability for losses. However, the partners at the big four accounting firms have the benefit of a professional liability scheme that can limit legal liability of the partnerships in certain circumstances.
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