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Entry and exit issues for professional practices paper

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Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 12 Oct 07 by VICTORIAN DIVISION, THE TAX INSTITUTE

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
Photo of author, Chris WOOKEY Chris Wookey, CTA, was a principal in the tax consulting division of Deloitte Private in Melbourne. He has over 30 years' experience in the chartered accounting profession and is a member of The Tax Institute's SME & Tax Practitioner Technical Committee and the 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, in addition to having been involved in the early confidential consultations about the upcoming Div 7A reforms. - Current at 13 February 2019
Click here to expand/collapse more articles by Chris WOOKEY.
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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Taxation of independent contractors

Author(s):  Gary MATTHEWS

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Entry and exit issues for professional practices

Author(s):  Damien L LOCKIE,  Chris WOOKEY

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Author(s):  Ken SPENCE

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Author(s):  Robert GORDON

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Tax Treatment of Beneficial Ownership, Equitable Interests and Absolutely Entitled

Author(s):  Gerry BEAN

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Author(s):  Graeme HALPERIN

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