Smes

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. 

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.

As a busy professional, you work hard to meet the needs of your clients and to grow your team and business. However have you stopped to consider your own growth needs and how the business you are developing will fund your desired lifestyle both now and in the future?

The following information provides owners, partners and directors of professional services firms (including legal, architectural, engineering, financial services, information technology, management consultancies and human resource firms) with an update on economic predictions in Australia during the 2015 - 2016 financial year.

Happy New Year. While we are busy tidying up from the financial year that was, it is interesting to note some of the popular commentary that is surrounding the start of the new financial year and the various economic predictions coming to hand.

When the time comes to sell your business, how will you go about it? Will you sell privately or via a broker? Or instead of selling, will you dispose your assets and close? The following information outlines your different options to help you make the best decision for your situation.

From 7:30pm on 13 May until 31 June 2017, small businesses with aggregated annual turnover of less than $2 million per year will be able to write off assets (up to $20,000) immediately.

All wise business mentors will tell you that you want to buy or grow a business with the "end game" in mind. Meaning, what do you want your business to achieve and how will you exit when the time is right? How will you grow your business and sell it?

You may be looking at buying a business for the first time, or acquiring an existing business as an investment or addition to your current operations: