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.
Nick is a Barrister on Second Floor Selborne Chambers. He works in tax and commercial litigation, tax disputes and the provision of tax and legal advice. Nick’s areas of expertise include corporate tax, international tax, high net worth individuals, trust law, and mergers and acquisitions.
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30 August 2017