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The goodwill issue paper

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Non Member Price: $75.00

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Published on 30 Apr 13 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

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.

Author profile

Dr Nicholas Gangemi CTA
Dr. Nick Gangemi, CTA, is a Director in the Tax Division in William Buck Chartered Accountants. Dr. Nick’s areas of expertise include corporate tax, international tax, indirect taxes such as payroll tax, tax litigation, high net worth individuals, trust law, and mergers and acquisitions. Prior to joining William Buck, Dr. Nick has worked in law and accounting firms, and was for several years a member of the NSW Bar. - Current at 22 July 2022
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This was presented at Practice Makes Perfect: Structuring and Restructuring Professional Practices .

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Individual sessions

Introduction and landscape

Author(s):  Scott McGill

Materials from this session:

Service entities and incorporation

Author(s):  Andrew Noolan

Materials from this session:

The goodwill issue

Author(s):  Nick GANGEMI

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Structuring and restructuring

Author(s):  David MARSCHKE

Materials from this session:

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