Articles

May 4, 2021

Your SMSF: when expenses and investments are not at arm’s length

We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members).  We’ve set out some of the common questions and answers. In general, all interactions between […]

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May 4, 2021

The New Lifetime Director ID’s

Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers. ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be registered. Or at least that was […]

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April 1, 2021

ATO targets profits of professional service firms

The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed. New draft guidance (PCG […]

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April 1, 2021

The 1 July 2021 superannuation changes

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account (when you are building your super), a retirement account (when you meet preservation age and certain conditions […]

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February 3, 2021

6 Victorian COVID-19 related grants

Late last year, legislation passed that provided that certain grant payments in response to COVID-19 would be made non-assessable non exempt income. The legislation requires the Treasurer to declare that a grant program is eligible by legislative instrument if he is satisfied that it was in response to the economic impacts of the coronavirus pandemic […]

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January 11, 2021

Small Business Capital Gains Tax Concessions

As a small business owner, it is important you are aware of the CGT concessions available to you when you sell your business. These concessions can be generous and result in a business owner paying no CGT. It is normal that planning should occur many years before you sell, to make sure full advantage can […]

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November 10, 2020

5 Steps to Growing your Legal Firm

When thinking about how to grow your Legal Firm, it’s common to look straight at issues with marketing and sales. But, marketing and sales should be one of the last considerations. Clearly, a very important component, but without the support of the other components, you may have a marketing department firing on all cylinders, without […]

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November 10, 2020

Taking Financial Control of your Legal Firm

If you are a partner or owner of a legal firm, and you: Don’t take regular profit distributions Run the business from your bank account Have no idea how the business is performing Don’t know what the capacity of the firm is and if you do, if you are under or overachieving Don’t receive regular […]

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November 10, 2020

The Black Hole in your Legal Firm

This guide is about understanding the ‘gap’ between the capacity in your legal firm, against what it is actual billing. We call this gap the ‘black hole’ in a legal firm. We then explore some common reasons why there may be a gap and what you can do about it. Comparing Capacity to your Billings […]

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November 10, 2020

Calculating Capacity in your Legal Firm

There are many methods and rule’s of thumb when calculating the billing capacity of your legal firm.   In this short guide, we will explore these so you can apply to your business, but note, every legal firm is different and these should be used as a guide only.    This will show you the inputs required […]

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Suite 13, 241 Blackburn Road Mount Waverley VIC 3149

Phone: (03) 9802 2533

Fax: (03) 9802 0590

Postal Address: PO Box 323, Mount Waverley, Victoria 3149

Email: mail@rogersonkenny.com.au

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