Legal Practice 

Running a successful legal practice involves much more than providing expert legal advice. Legal practice owners face complex challenges in managing their business structure, ensuring compliance with Law Society requirements, protecting assets, and optimizing tax strategies. Whether you’re establishing a new legal firm or managing a practice with multiple premises and a turnover of up to $15 million, the right financial guidance is crucial.

Investax is experienced in establishing legal practice structures that comply with Law Society requirements and are tailored to your specific needs. We have a proven track record in managing both new and established legal firms, helping them navigate the complexities of business structure setup, asset protection, and tax planning. Our expertise extends to implementing various structures, such as trusts, to safeguard your business and personal assets. 

How Investax Can Help

Business Structure Setup and Compliance

Setting up a legal practice requires careful consideration of business structure to ensure compliance with Law Society requirements and optimize tax efficiency.

Investax has extensive experience in establishing legal practice structures that meet all regulatory requirements while providing the flexibility needed for growth. We ensure your business is structured correctly from the outset, minimizing future risks and maximizing tax benefits.

Asset Protection

Legal practices face significant risks, including potential litigation, making asset protection a critical concern. Without proper asset protection, personal and business assets could be vulnerable.

Investax offers comprehensive asset protection strategies, including the implementation of trusts and other legal structures, to safeguard your assets from potential legal and financial risks. We help ensure that your wealth and practice are protected.

Tax Compliance and Planning

Legal practices have complex tax obligations, including income tax, GST, Payroll Tax, and Fringe Benefits Tax (FBT). Non-compliance or inefficient tax planning can lead to higher tax liabilities and penalties.

Investax provides expert tax compliance and planning services tailored to legal practices. We help you navigate complex tax regulations, optimize your tax position, manage Payroll Tax and FBT obligations, and ensure all compliance requirements are met.

Asset Management and Depreciation

Legal practices often invest in significant assets, such as office space, technology, and equipment. Managing these assets effectively is crucial for both operational efficiency and tax purposes.

Investax helps you manage and track your practice’s assets, ensuring proper depreciation and maximizing tax deductions. We provide guidance on asset management strategies that align with your practice’s long-term goals.

Tax Deductions and Incentives

Identifying and claiming all eligible tax deductions is crucial for minimizing tax liability. However, legal practices may overlook deductions and incentives that could significantly reduce their tax burden.

Investax ensures that your legal practice takes full advantage of all available tax deductions and incentives. We review your financials to identify opportunities for savings and implement strategies that optimize your tax position.

Fringe Benefits Tax (FBT) Management

Providing benefits to employees, such as cars, entertainment, or other perks, may trigger Fringe Benefits Tax (FBT), adding to your tax obligations. Managing FBT correctly is essential to avoid unnecessary costs.

Investax helps manage and minimize your FBT liabilities by advising on the most tax-efficient ways to provide benefits to employees. We ensure that your FBT reporting is accurate and compliant with ATO requirements.

Payroll Tax Compliance

Payroll Tax can be a significant burden for legal practices, especially as your practice grows and your payroll increases. Ensuring compliance with varying state requirements is essential.

Investax assists in managing Payroll Tax obligations by providing accurate payroll processing, advising on state-specific requirements, and implementing strategies to minimize your Payroll Tax burden.

Financial Reporting and Analysis

Accurate financial reporting is essential for understanding your practice’s performance, making informed decisions, and maintaining compliance with regulatory bodies.

Investax provides detailed financial reporting and analysis services, helping you track your practice’s financial health, identify trends, and make data-driven decisions. We ensure that your financial statements are accurate, timely, and compliant with all legal requirements.

Exit Strategy and Succession Planning

Planning for the future, whether it involves selling your legal practice or passing it on to the next generation, requires careful consideration of tax implications and business continuity.

Investax offers tailored exit strategies and succession planning services that minimize tax liability and ensure a smooth transition. We work with you to develop a strategy that protects your legacy and secures the financial future of your practice.

Superannuation and SMSF Compliance

Legal practitioners often need guidance on superannuation, particularly when managing their own SMSFs or purchasing property through an SMSF. Understanding the tax treatment and compliance requirements is crucial.

Investax offers specialized services in SMSF management, ensuring that your superannuation is compliant with all regulations. We provide clear advice on the tax implications of superannuation and assist in property purchases through your SMSF, ensuring that your retirement savings are maximized.