Professional Services Firms
Is Your Wealth Plan Effective? Self-Check for Partners/Directors
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?
Your personal Wealth Plan / Lifestyle Plan should include strategies for accumulation, preservation and distribution at every life stage. Investment strategies typically include:
ATO Changes for Partners of Professional Services Firms and Lawyers
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.
