Accounting for Partners in Law Firms

Accounting for Partners in Law Firms

Wilson Pateras are Australia’s go-to expert accounting and financial advisory for partners in law firms. Wilson Pateras create clear road-maps to help partners in law firms to achieve their financial goals.

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Accounting, Tax & Financial Services When You Become Partner in Law Firm

As a partner, there are number of accounting, tax, insurance and financial considerations you need to deal with. There are many regulations and rules you need to comply with in terms of taxation, superannuation, bookkeeping and accounting. Wilson Pateras understands the pressures legal partners face and can provide you with, long-term financial and accounting advice whilst you can focus on operating your firm.

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Key Accounting & Financial Steps to Transitioning to Partnership

Wilson Pateras specialise in helping partners in law firms to build their wealth. We will smoothen the transition to partnership and devote ourselves to become your long-term financial support.

STEP 1

Nominate a Person or Entity for the Service Trust

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.

STEP 2

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.

STEP 3

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.

STEP 4

Manage and Plan 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.

Retirement Planning

STEP 5

Manage your Super Payments

You are now responsible for paying your own super payments and will need to consider how much you would like to put into your super fund. It could give you tax deductions of 47%, provided you are on the highest marginal tax rate.

STEP 6

Setup Strategies to Minimise Tax

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.

Our Team

Amy Buglass

Manager

Lasadi Felsinger

Financial Advisor

Mark Forte

Principal

Maree Pateras

General Legal Counsel

Nick Street

Principal

Get a Complimentary Consultation

You can choose either phone consultation or face-to-face meeting in our offices in Richmond or Brighton.

We are offering a complimentary financial strategy session for legal professionals . During this meeting, you have the chance to ask any questions you may have regarding your financial goals. Secure your no-obligation consultation today by simply filling out the form and one of our specialists will get back to you.

Your personal details are safe with us and won't be shared with third parties.

Our Offices

Richmond Head Office

40 River Boulevard
Richmond
VIC 3121

Phone: (03) 8419 9800
Fax: (03) 8419 9888

Brighton Office

196 Bay Street
Brighton
VIC 3186

Phone: (03) 8419 9800
Fax: (03) 8419 9888