Professional Services Firms

The Archer Gowland Family Office is your single, trusted point of contact for your business advisory, taxation, insurances and wealth management.

Last week the Dow fell more than 1,000 points. Today we have seen the Australian share market experience the same volatility as in the 2012 global financial crisis with a four per cent slump equating to almost $60 billion being wiped from the value of Australian companies.

This blog article has been written for high net worth professionals, business owners, and partners and directors of professional services firms, including law firms.

"Am I Paying Too Much Tax?" is a common and valid question in the market. Partners and directors of professional services firms (including law firms, financial services, IT, HR and management consultancies) need to regularly assess their taxable situation and generate tax efficiencies wherever possible. 

Partners and directors of professional services firms are typically focussed on meeting the needs of others. You work hard to advance and protect your clients, however how often do you stop and consider your own growth needs? For example, do you have a personal Wealth Plan / Lifestyle Plan?

Your personal Wealth Plan / Lifestyle Plan should include strategies for accumulation, preservation and distribution at every life stage. Investment strategies typically include:

The ATO has changed how risks are assessed in relation to profit allocation within professional services firms. While the changes are not a ruling, they will affect tax returns lodged in FY2015 and will target schemes that purposely avoid tax (Part IVA). This post outlines the tax changes for law firm partners.