YOUR PRACTICE STRUCTURE

If your practice is a business for income tax purposes the Commissioner of Taxation accepts that it can be run through a trust based structure, without any legal impediment.

Trust based structures mean financial planners pay less tax, later, than otherwise may have been the case.

Trust based structures are also more amenable to other legitimate and accepted income tax planning strategies and are also cheap and easy to set up and run each year, with minimal administrative time and effort and minimal external accounting fees. They also minimise state payroll tax and Workcover obligations.

Dover has helped literally thousands of professional practices decide what is the best practice structure, with a view to administrative efficiency, income tax efficiency and capital gains tax efficiency on ultimate sale of your practice. You may be surprised at how much tax can be saved just by getting your practice structure right.

The Dover team can also help with the full range of practice documentation.This includes Fair Work Act employment contracts, co-ownership agreements, licence agreements and contractor agreements.

Get the tax planning right and you automatically, and easily, increase the cash flow and value in your practice.