Professional Services Firms

Professional Services Insights Update - April 2023

Apr 26, 2023

The timing for owning and operating a Professional Services firm is now - it always is. A 2017 Australian Financial Review article reasoned that Australia was fast-becoming a Professional Services nation - with the sector reflecting the greater business sentiment found across a broad range of industries.

Journey to Partnership - Leadership Insights for Professional Services

Apr 24, 2023

In the latest episode of the Building Your Business podcast, Chris Lewis hosts Ian Bloemendal - Partner at Clayton Utz, alongside Ian Walker (AGR Executive Chairman) as they discuss Ian's journey to partnership, a career within one of Australia's leading law firms and his practice responsibilities with Clayton Utz - a "Big Six" firm in Australia.

What is Personal Services Income?

Apr 21, 2023

Personal Services Income, or PSI, is the income derived by an individual mainly as a result of their personal work or exertion, rather than the sale of goods or use of assets. The individual may operate as a sole trader, or through a trust, partnership, or company structure. You can receive PSI in almost any industry or profession, but it is commonly seen within the Professional Services sector (namely among accountants, lawyers, consultants and engineers, etc) and medical practitioners.

New Rules for Allocating Professional Firm Profits - July 2022

Aug 03, 2022

As of 1 July 2022, new legislation has now taken effect which details the Australian Tax Office’s compliance approach to the allocation of profits or income from Professional Firms as assessable income to the ‘Individual Professional Practitioner’ (IPP).

Archer Gowland Family Office Service

Sep 14, 2015

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

Australian Share Market Slump - Recommendations for Business Owners

Aug 24, 2015

 

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.

Market Opportunities for High Net Worth Income Earners

Aug 17, 2015

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

As a Professional Services Partner, Am I Paying Too Much Tax?

Aug 10, 2015

"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. 

Is Your Wealth Plan Effective? Self-Check for Partners/Directors

Aug 03, 2015

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?

Partners/Directors: Do you have a wealth plan to retire comfortably?

Jul 27, 2015

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