Accounting, Tax and Financial Services for Barristers

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.

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Get Financial Advice Throughout Your Career As a Barrister

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.

Our accountants and financial advisors in Richmond can:

Prepare and lodge your tax returns and BAS
Strategise to minimise the amount of tax you pay
Manage your expenses and income
Recommend appropriate investment and tax structures
Ensure you are properly protected with appropriate insurance
Advice in relation to super contributions
Maximise saving opportunities

Questions? 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.