Wilson Pateras are Australia’s go-to expert accounting and financial advisory for barristers. With deep insights, specific to the accounting and wealth-building concerns of the legal community, Wilson Pateras creates clear road-maps to help barristers achieve their financial goals.
As a barrister, there are number of accounting, tax, insurance and financial considerations you need to deal with. From establishing your business structure as Sole Trader to tax planning, financial reporting and cash flow management, there are many regulations and rules you need to comply with. Wilson Pateras understands the pressures barristers face and can provide you with, long-term financial and accounting advice whilst you can focus on running your practice.
Questions? Book a complimentary meeting with us to get started!
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.
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.
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.
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 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.
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.
Secure your no-obligation consultation today by simply filling out the form and one of our specialists will get back to you.
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40 River Boulevard
Phone: (03) 8419 9800
Fax: (03) 8419 9888
BEFORE YOU GO…
As specialised accountants for lawyers, we compiled the 5 most common mistakes legal professionals make. Where can we send your free copy?