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What's New in Structuring Professional Practices?

Published on 09 May 2006 | Took place at Holiday Inn Adelaide, SA

In June 2005 the ATO issued a draft ruling and booklet regarding service arrangements. The ruling allowed all but the high risk taxpayers 12 months to get their affairs in order.

It is time to make some important decisions. Will my service trust survive an audit? Do I wind up my service trust? If I wind up and the final ruling is favourable, what do I do? Is an alternative structure more appropriate?

The ATO Final Guidance document on service trusts is ready for imminent release. The guidance document will set out the ATO’s risk profiling in respect of service trusts, in particular which mark-ups and calculation methodologies give rise to the least audit risk. These seminar materials highlight the changes and structuring options going forward.

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Individual sessions

The future of service trusts

Author(s):  Ken SCHURGOTT

Topics covered in this paper include:

  • what is the current status of the Service Trusts Ruling and Guide?
  • do I need to wind up my service trust arrangement?
  • if so, how do I do it and what are the capital gain tax and income tax implications?
  • how would I deal with work in progress and depreciating assets?
  • what are the stamp duty implications?
  • do I need to make GST adjustments?
  • are there payroll tax issues?
Materials from this session:

Structuring your practice

Author(s):  Ken SCHURGOTT

The ATO review of service trusts and introduction of Professional Standards Legislation and the Service Trusts ruling will have changed the landscape for your practice. This paper considers those changes and discusses various practice entity options, including:

  • asset protection
  • does Professional Standards legislation really limit your exposure?
  • service trusts - what future?
  • CGT concessions for alternate structures
  • goodwill v 'intangible asset inherently connected' with a business
  • partnership of trusts - do they have a place in accounting firms?
This paper was originally presented on 5 May 2005 at the “39th South Australian Convention” held in the Barossa Valley. It also includes some minor updates made for presentation at the “What’s New in Structuring Professional Practices?” seminar held on 9 May 2006 in Adelaide.
Materials from this session: