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GST and the professional practice


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.

Author profile

Greg Vale CTA
Greg is a founding solicitor director of Binetter Vale Lawyers, a boutique specialist taxation legal practice in Sydney. Greg is an accredited specialist in Business and Personal Tax as accredited by the Specialist Accreditation Board of the Law Society of New South Wales, and specialises in revenue laws, trusts, business structures, superannuation and estate planning. Greg provides advice to clients, particularly professional firms and their clients, in respect of business restructuring, federal taxes (including income tax, capital gains tax and goods and services tax), superannuation, asset protection planning, estate planning, and Corporations Act matters. - Current at 29 October 2012
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GST for the Professional

Author(s):  Greg VALE

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