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The goodwill issue paper

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.

Author profile:

Nick GANGEMI
Current at 01 June 2011 Click here to expand/collapse more articles by Nick GANGEMI.
 

 

This was presented at Practice Makes Perfect: Structuring and Restructuring Professional Practices .

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Introduction and landscape

Author(s):  Scott MCGILL

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