Reliable Accountants for Barristers

As a barrister, staying on top of your finances is important. Your financial data should be current and accurate, so that you have the ability to make sound financial decisions and implement healthy cash flow strategies.

At Wilson Pateras, we have a wealth of experience providing barristers with tailored accounting services. Our deep insights to accounting and financial services within the legal community allow us to create clear roadmaps for barristers looking to plan for their future.

As a barrister, there are a number of important accounting, tax, insurance and financial considerations you need to deal with. From establishing your business structure as a sole trader to tax planning, financial reporting and cash flow management, navigating the regulations and rules that you need to comply with can be a daunting and overwhelming process.

At Wilson Pateras, we understand the pressures that barristers face. Having provided barristers with personalised financial advice since 2009, our exceptional team of fully qualified tax accountants can guide you with our long-term financial and accounting advice – while you focus on running your practice.

What bookkeeping services do we provide for barristers?

In regards to bookkeeping for barristers, half the battle is documenting every receipt, bill and business transaction. We can help you maintain good financial records, which makes it easier for our accountants to provide the following solutions:

Ensure you are registered for GST and accounting for it on a cash basis
Help you budget for your first (and subsequent) annual tax bill(s)
Help you keep track of all the eligible business expenses you can claim, so that we can help reduce your taxes
Ensure you are legally compliant with ATO requirements
If necessary, we can help with extending deadlines for submitting BAS and tax return lodgements to the ATO to avoid penalties
We can assist with taking out appropriate insurance coverage and making tax-deductible super contributions

Above all, Wilson Pateras can help you develop a solid financial plan, so that you can focus on what you do best with full peace of mind that your accounts are in order.

Our accountants and financial advisors in Richmond can:

Prepare and lodge your tax returns and BAS
Help you minimise the amount of tax you pay
Recommend appropriate investment and tax structures
Ensure you are properly protected with appropriate insurance
Advice in relation to super contributions
Manage your business records with our bookkeeping services

Book a complimentary meeting with us to get started

What Our Clients Say About Us

I can't speak highly enough of Amy Buglass at Wilson Pateras. Her attention to detail, response times, cheerfulness in the face of repeated questions (about the same issue!) and her knowledge of issues relevant to small business/professional practice are truly outstanding. That in turn is a reflection of the level of professionalism and user-friendliness of Wilson Pateras as a whole.

John Oswald-JacobsBarrister

Amy (Buglass) is fantastic. She’s terrific. She has a direct line of communication with our commercial team here. When she needs to gather information for our tax arrangements, she will speak to them directly and she’ll often just send an email with all the items she requires. Amy is always on top of the legislation and will let me know when there are changes in requirements and obligations. She’s very helpful in letting me know of considerations I haven’t thought about in terms of deductions. She will notify me of when deadlines are looming, too.

Emma WarrenPartner at Allens

At that stage, the firm had indicated that I would be moving into the Partner role and Mark and I met. We talked about what that would look like financially. As Partner you’re no longer an employee, so accounting, financial and tax matters are dealt with quite differently. I wanted the expert advice of Wilson Pateras. You came highly recommended

Laura YoungPartner at HWL Ebsworth

Mark Forte has provided invaluable tax advice in particular to our SMSF about the recent changes to superannuation law. Mark worked with our lawyer who prepared the necessary changes to the SMSF Trust Deed. Wilson Pateras looks after and prepares the tax returns not only for the SMSF but also for me, my wife, and our three kids. The service is very prompt and the advice very practical.

Graeme JohnsonFormer Partner at Allens

Key Accounting & Financial Steps For Barristers

Wilson Pateras specialise in Accounting and Financial services for barristers. We will help you transition and setup your practice and become your long-term financial support.

Setup your business and structures

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.

Manage your business records

Using an innovative cloud accounting system helps manage your bookkeeping, superannuation payments and financial records, giving you a dedicated focus to all of your business financials.

Prepare for your tax liabilities

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.

Plan and manage your cash flow

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.

Ensure you and your family are financially secure

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.

Setup investment strategies to build your wealth

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 and build your wealth for the future.

Our accountants work with barristers at every stage of their careers

Whether you’re just starting out as a barrister or you are planning for your imminent retirement, Wilson Pateras’ experienced team of tax accountants can help you position yourself for the best possible financial outcome.

We tailor our financial services to accommodate each client’s unique needs, and this might include Xero support, personal budgeting , self-managed super fund SMSF setup and management, and lending advice.

Contact us for a consultation

You can choose either a phone consultation, Zoom meeting or face-to-face meeting at our office in Richmond.

To speak with our qualified and experienced barrister accountants today, please don’t hesitate to get in touch. We will arrange a consultation at a date/time that suits you