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Practice Makes Perfect: Structuring and Restructuring Professional Practices

Published on 30 Apr 2013 | Took place at Four Seasons, Sydney, NSW

    Does your client base include professional practices (lawyers, accountants, medical practitioners, architects etc)?
    Are you aware of the current state of play when it comes to the ATO attitude to what can and can't be done from a structuring and restructuring perspective?
    Are you perhaps considering restructuring your own practice because of the admission or retirement of equity participants and want to know what issues should be considered?
    This session took practitioners through a practical based journey outlining what needs to be known about structuring for professional practices including:
  • the current ATO position on practice structures and service entities and whether their position is open to challenge
  • how to identify whether there is 'goodwill' to be concerned with from a duty and tax perspective
  • what structures to choose if you are starting from scratch
  • what issues to consider when choosing to restructure.

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Individual sessions

Introduction and landscape

Author(s):  Scott McGill

This presentation aims to:

  • provide a grounding for good practical discussion on options
  • get a handle on the keys issues to assess options
  • be able to refine the options for you and/or your client
  • have a good look at what might work and what might not in practice.
Materials from this session:

Service entities and incorporation

Author(s):  Andrew Noolan

The ATO attitude to professionals and others incorporating or choosing to share their income with others as a result of the structure they have chosen can be traced back to old ATO rulings such as IT2503 and IT276. This paper covers the evolving ATO view on incorporation of professional practices, the use of services trusts and question the current ‘state of play’.

Materials from this session:

The goodwill issue

Author(s):  Nick GANGEMI

The biggest asset of a professional practice is, in most cases, its business goodwill. The term‚ 'goodwill' is an elusive concept that is linked to the profitability and the custom of a business, and to its intangible value. This paper examines the goodwill of a professional practice, the ATO approach to professional goodwill and the implications for the practitioners including:

  • what is goodwill?
  • goodwill of professional practices
  • is 'no goodwill' possible?
  • the ATO view.
Materials from this session:

Structuring and restructuring

Author(s):  David MARSCHKE

This paper deals with the key structuring and restructuring issues for professional practices focusing on:

  • starting from scratch - should you use a partnership, trust, company or a combination
  • changing the existing structure – what are the options, issues and traps 
  • other critical issues including: 
    • maintaining access to CGT small business concessions
    • asset protection and related matters 
    • rewarding key employees
    • impact of other taxes including duty and payroll tax.
Materials from this session: