Published on 30 Apr 13
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
The biggest asset of a professional practice is, in most cases, its business goodwill. The term‚ 'goodwill' is an elusive concept that is linked to the profitability and the custom of a business, and to its intangible value. This paper examines the goodwill of a professional practice, the ATO approach to professional goodwill and the implications for the practitioners including:
- what is goodwill?
- goodwill of professional practices
- is 'no goodwill' possible?
- the ATO view.
Current at 01 June 2011
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