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Entry and exit issues for professional practices paper

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Published on 12 Oct 07 by VICTORIAN DIVISION, THE TAX INSTITUTE

The admission and retirement of partners from professional practices raise many complex issues. This paper updates on developments in the relevant law and practice focusing on:

  • entry and exit tax issues for partners in professional partnerships
  • how the issues are dealt with at a practical level - common approaches taken in partnerships
  • the law relevant to the issues - McNally.

Author profiles

Dr Damien Lockie CTA-Life
Dr Damien Lockie, FTIA (Life), is a Barrister-at-Law at the Victorian Bar and an Adjunct Professor of Law at Bond University. Dual qualified in law and accounting, Damien has over 30 years experience as a Solicitor, Accountant and advocate specialising in property and environmental laws and federal and state revenue laws. - Current at 01 March 2012
Click here to expand/collapse more articles by Damien L LOCKIE.
Chris Wookey CTA-Life
Photo of author, Chris WOOKEY Chris Wookey, CTA (Life) operates his own specialist tax consulting practice after previously having been a principal in the tax consulting division of Deloitte Private in Melbourne. A finalist in The Tax Institute’s Tax Adviser of the Year Awards for 2020 and 2022 and made a life member of The Tax Institute in September 2023, he has over 30 years’ experience in the chartered accounting profession and is a member of The Tax Institute’s national SME Technical Committee and had been its representative on the ATO’s Private Groups Stewardship Group from 2021 to 2022. Chris was also a member of the Board of Taxation’s Reference Group for its Review of Small Business Tax Concessions. His experience, centred on issues encountered by private groups, includes providing input to Treasury in relation to the proposed targeted amendments to the Div 7A integrity rules and participating in confidential consultations with the ATO in relation to the 2022 and 2023 developments in relation to section 100A. - Current at 29 January 2026
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This was presented at 46th Victorian State Convention: Feast of Delicacies .

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Individual sessions

Buy-sell agreements and key man insurance

Author(s):  Paul HOCKRIDGE

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Innovative capital raisings

Author(s):  Paul ABBEY

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Equity participation for key employees

Author(s):  Michael JONES

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CGT: consideration and cost base

Author(s):  Melanie BAKER,  Sue WILLIAMSON

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Corporate distributions and capital management issues

Author(s):  Tim NEILSON

Materials from this session:

Research & development tax concession: new and amended 175% deductions

Author(s):  Tony BAXTER

Materials from this session:

Corporate distributions and fundraising in light of recent developments

Author(s):  Richard SHADDICK

Materials from this session:

International tax McDermott's case

Author(s):  Peter VAN DEN BROEK

Materials from this session:

Tax preferred asset financing and Division 250

Author(s):  Steve FORD

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Estate planning

Author(s):  Bernie O'SULLIVAN

Materials from this session:

Estate planning for tax professionals

Author(s):  Michael FLYNN

Materials from this session:

Taxation of independent contractors

Author(s):  Gary MATTHEWS

Materials from this session:

Entry and exit issues for professional practices

Author(s):  Damien L LOCKIE,  Chris WOOKEY

Materials from this session:

Consolidation round table discussion: SME related issues

Author(s):  Alexis KOKKINOS

Materials from this session:

Consolidation - round table discussion

Author(s):  Ken SPENCE

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Income tax and IP - new opportunities

Author(s):  Cameron RIDER

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The Commissioner's Role in Interpreting Tax Law and Emerging Issues for Advisers

Author(s):  Jennifer BATROUNEY

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Investing off shore into foreign flow - through structures

Author(s):  Robert GORDON

Materials from this session:

Tax Treatment of Beneficial Ownership, Equitable Interests and Absolutely Entitled

Author(s):  Gerry BEAN

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Defending the trust ramparts

Author(s):  Graeme HALPERIN

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