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Entry and exit issues for professional practices paper


The admission and retirement of partners from professional practices raise many complex issues. This paper updates on developments in the relevant law and practice focusing on:

  • entry and exit tax issues for partners in professional partnerships
  • how the issues are dealt with at a practical level - common approaches taken in partnerships
  • the law relevant to the issues - McNally.

Author profiles:

Christopher Wookey CTA
Chris is a principal in the tax consulting division of Deloitte Private in Melbourne. He has nearly 30 years' experience in the chartered accounting profession and is a member of The Tax Institute's Victorian State Technical Resource Committee as well as a regular presenter at its events. His experience, centred on issues encountered by private groups, includes advising about the tax treatment of accessing wealth accumulated in various structures such as trusts, superannuation funds and especially companies. Current at 10 May 2016 Click here to expand/collapse more articles by Chris WOOKEY.
Author Photo - Damien Lockie CTA-Life
Dr Damien Lockie CTA-Life
Dr Damien Lockie, FTIA (Life), is a Barrister-at-Law at the Victorian Bar and an Adjunct Professor of Law at Bond University. Dual qualified in law and accounting, Damien has over 30 years experience as a Solicitor, Accountant and advocate specialising in property and environmental laws and federal and state revenue laws. Current at 01 March 2012 Click here to expand/collapse more articles by Damien L LOCKIE.

This was presented at 46th Victorian State Convention: Feast of Delicacies.

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