Published on 26 Apr 2000
| Took place at Menzies Hotel
This seminar explains the impact of the GST on a professional practice. How it will impact on the cash flows of the practice and what changes may need to be made to ensure any costs are minimised.
GST for the Professional
Author(s): Greg VALE The purpose of the paper is to explain the impact of the GST on the professional practice. The first part of this paper aims to provide a general overview of the operation of the GST. The paper does not explore the basics of the GST in great detail and it is assumed that readers have a general knowledge of how the tax works. The paper will concentrate on a few specific areas only, being: 1.Transitional contracts and how the GST affects agreements entered into now; 2.GST treatment of retainers; 3.The GST treatment of disbursements; 4.Structure and format of fee notes post-GST; 5.The relationship between the partnership and the service entity and where the GST liability will lie; 6.GST status of pro bono work.