Mark Kynaston, Smith Coffey Financial Management — During the past year, the Australian Tax Office has issued new guidelines as to how they intend to monitor tax compliance for professional practices. It’s a complex area, not widely understood even within the tax and accounting industry – but it’s one that should be of paramount importance to medical professionals.

Mark Kynaston of Perth-based tax and financial advisors, Smith Coffey — part of the Bongiorno National Network — uses the metaphor “swim between the flags” when referring to the assessment of Personal Services Income.