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Incorporating a Professional Practice

Published on 03 Feb 2005 | Took place at City West Function Centre, West Perth, WA

Increasingly, professionals are considering whether they should be operating through an incorporated structure, and are asking their advisers about this. There are potential benefits, but there are also many practical and taxation implications. This seminar outlined in one session the major issues which require consideration - tax, stamp duty (one of the major impediments), commercial and practical legal considerations.

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Individual sessions

Incorporating a professional practice

Author(s):  Fiona HALSEY

This paper covers:

  • what approach is taken by the WAOSR to transfers of professional services businesses?
  • what kind of stamp duty assessment is likely to be issued upon the transfer of a professional services business?
  • are there ongoing stamp duty benefits from the transfer of such a business?
  • what are the trade practices implications of operating under a company structure?
  • do you have a checklist for the practical matters which must be dealt with?
Materials from this session:

Key commercial and revenue law issues

Author(s):  Orlando J FERNANDES

This paper covers the following topics:

  • Does the cash basis of income recognition apply equally to unincorporated and incorporated entities?
  • Is there an advantage of changing the basis of income recognition when converting the business structure of a professional practice?
  • Has recent case law developments changed the interpretation principles established in Carden's and Henderson's case?
  • What is and who owns goodwill of a professional practice?
  • Are the general valuation principles that are applicable to trading businesses and shares equally applicable to professional practices?
  • Is there a need in the future for service trust entities in the conduct and structure of professional practices?
  • How is work in progress treated on an ongoing basis and on conversion to an incorporated professional practice?
  • Are the GST attributes of conducting the professional practice through a corporation the same as conducting it through an unincorporated form?
  • What CGT relief is available to incorporating an individual or partnership professional practice?
  • Can the act of incorporation attract the provisions of Part IVA? Can the PSI rules apply to incorporated professional practices?
Materials from this session: