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.
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:
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:
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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.
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.
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
Your personal details are safe with us and won't be shared with third parties.
Level 1, 678 Victoria Street
Richmond VIC 3121
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?