Wilson Pateras are Australia’s go-to expert accounting and financial advisory for partners in law firms. Wilson Pateras create clear road-maps to help partners in law firms to achieve their financial goals.
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As a partner, there are number of accounting, tax, insurance and financial considerations you need to deal with. There are many regulations and rules you need to comply with in terms of taxation, superannuation, bookkeeping and accounting. Wilson Pateras understands the pressures legal partners face and can provide you with, long-term financial and accounting advice whilst you can focus on operating your firm.
Wilson Pateras specialise in helping partners in law firms to build their wealth. We will smoothen the transition to partnership and devote ourselves to become your long-term financial support.
Now that you must operate as a Sole Trader, you need to setup an ABN and register for GST. You will need to lodge your quarterly BAS statements with the ATO ensuring to include the income you have received each quarter on a cash receipts basis.
You should consider risk insurances such as income protection and life insurance, particularly if you have young children or starting a family, to ensure you and your family are financially secure.
In the first year you will receive gross income, which means you will need to calculate your likely tax liabilities and put this aside. Timely tax preparation will ensure you make the correct distributions annually and remain compliant.
Cash flow planning is critical to ensure that you have set aside enough cash to pay your tax. A common strategy is to leave cash in an offset account if you have a home loan to reduce the yearly interest.
You are now responsible for paying your own super payments and will need to consider how much you would like to put into your super fund. It could give you tax deductions of 47%, provided you are on the highest marginal tax rate.
Build financial security through investing in asset classes that suit your risk profile. Setup the appropriate investment and tax structures to help with tax minimisation.
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General Legal Counsel
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Book a meeting with us to ask any questions you may have regarding your financial goals and find out how we can help you. Simply fill out the form and one of our specialists will get back to you.
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Level 1, 678 Victoria Street
Richmond VIC 3121
Phone: (03) 8419 9800
Fax: (03) 8419 9888
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Level 1, 678 Victoria Street
Richmond VIC 3121
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This content has been prepared by Wilson Pateras to further our commitment to proactive services and advice for our clients, by providing current information and events. Any advice is of a general nature only and does not take into account your personal objectives or financial situation. Before making any decision, you should consider your particular circumstances and whether the information is suitable to your needs including by seeking professional advice. You should also read any relevant disclosure documents. Whilst every effort has been made to verify the accuracy of this information, Wilson Pateras, its officers, employees and agents disclaim all liability, to the extent permissible by law, for any error, inaccuracy in, or omission from, the information contained above including any loss or damage suffered by any person directly or indirectly through relying on this information.
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