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Key commercial and revenue law issues seminar paper


This paper covers the following topics:

  • Does the cash basis of income recognition apply equally to unincorporated and incorporated entities?
  • Is there an advantage of changing the basis of income recognition when converting the business structure of a professional practice?
  • Has recent case law developments changed the interpretation principles established in Carden's and Henderson's case?
  • What is and who owns goodwill of a professional practice?
  • Are the general valuation principles that are applicable to trading businesses and shares equally applicable to professional practices?
  • Is there a need in the future for service trust entities in the conduct and structure of professional practices?
  • How is work in progress treated on an ongoing basis and on conversion to an incorporated professional practice?
  • Are the GST attributes of conducting the professional practice through a corporation the same as conducting it through an unincorporated form?
  • What CGT relief is available to incorporating an individual or partnership professional practice?
  • Can the act of incorporation attract the provisions of Part IVA? Can the PSI rules apply to incorporated professional practices?

Author profile:

Orlando Fernandes
Orlando is a director of KPMG. Orlando is a fellow of the Taxation Institute and of the Australian Institute of Chartered Accountants. Orlando is admitted as a Solicitor in the Supreme Court of New South Wales and in Western Australia. Orlando is also a member of the Migration Institute of Australia and is registered with the Migration Agents Registration Authority. Orlando has over the last 20 years advised and assisted many clients in migrating to Australia, identifying business opportunities, setting up appropriate entity structures and implementing effective tax and retirement strategies. Orlando is a State Councillor of the Taxation Institute (West Australian Division) and has presented papers at both State and National level. Current at 09 March 2009 Click here to expand/collapse more articles by Orlando J FERNANDES.

This was presented at Incorporating a Professional Practice.

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