Business Services Industry
Incorporation gets limited welcome.
Australasian Business Intelligence, January, 2007
Byline: Marcus Priest
Jan 18, 2007 (The Australian Financial Review - ABIX via COMTEX) -- There are many issues which affect the incorporation of law firms, but tax treatment is one of the most significant. There is speculation that a 2006 Australian Taxation Office ruling on fees has contributed to the increase in incorporated legal practices (ILPs). The New South Wales (NSW) Office of the Legal Services Commissioner has noted that ILPs increased 37 per cent in 2006, to 592, which is a record since NSW incorporation commenced in 2001. The Law Society of NSW president, Geoff Dunlevy, considers incorporation sensible, but notes capital gains tax liability as a disincentive to ILPs.
Publication Date: 19 January 2007
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