limitations & rules posed by law society and the ATO on legal practitioners are constantly renewed. We provide a diverse matrix of factors that helps you to decide what business structure is the best at any particular point of time.
For many years until the recent reform of ruling, legal practitioners were only able to run their legal practice under a business structure of sole trader, with the new rulings that introduced in the past decade, legal practitioners are looking to have much more flexibility as to forming a business structure of their practice.
Here are the available business structures
- Service Trust
- Self-Managed Super Fund
With Tax Ideas Accountants & Advisers, we know how LEAP Legal Software works. We can integrate it to our accounting system to achieve better efficiency when manage your accounts.
Just like yourself, we are also consultants. We understand how important it is to
- Respond your quires on time
- Fit into your shoes and solve the problems
We are constantly updated with relevant legislation apply to legal practitioners.
Below is some useful information:
CLASS ORDER 03/1095: LAW SOCIETIES — STATUTORY DEPOSIT ACCOUNTS AND PUBLIC PURPOSE FUNDS
This class order exempts certain state or territory law societies from the requirement to hold an AFS licence for the provision of a financial service related to statutory deposit accounts and public purpose funds regulated by state legislation.
The temporary relief is granted pending the outcome of the federal government’s ongoing “Review of discretionary mutual funds and direct offshore foreign insurers”. The relief is also conditional on the law societies giving warnings that the funds are not licensed under the Corporations Act.
This class order was amended on 11 March 2004 by CO 04/0266. The amendment incorporates reference to the Law Society of the ACT, the Law Society of Tasmania and the Queensland Law Society.
Relief was extended to the Law Society of Western Australia (Inc.) by CO 04/955 effective 10 August 2004.
Class Order CO 03/1095 was further amended by CO 05/679 (effective 28 June 2005), which extended the interim relief afforded by CO 03/1095 to 1 July 2006. In addition, CO 05/679 omits the Law Society Northern Territory, the Legal Practitioners Trust Committee and the Queensland Law Society.
The relief provided by CO 03/1095 was extended to 1 July 2008 by CO 06/468 and to 1 July 2010 by CO 08/835. CO 06/468 also amends legislative references in relation to the Legal Profession Act 2004.
Tax Ideas Accountants & Advisers can provide a careful review for your firm and keep you firm operation smooth & up-to-date.
Call (02) 8318 1545