This paper covers the following topics:
- Does the cash basis of income recognition apply equally to unincorporated and incorporated entities?
- Is there an advantage of changing the basis of income recognition when converting the business structure of a professional practice?
- Has recent case law developments changed the interpretation principles established in Carden's and Henderson's case?
- What is and who owns goodwill of a professional practice?
- Are the general valuation principles that are applicable to trading businesses and shares equally applicable to professional practices?
- Is there a need in the future for service trust entities in the conduct and structure of professional practices?
- How is work in progress treated on an ongoing basis and on conversion to an incorporated professional practice?
- Are the GST attributes of conducting the professional practice through a corporation the same as conducting it through an unincorporated form?
- What CGT relief is available to incorporating an individual or partnership professional practice?
- Can the act of incorporation attract the provisions of Part IVA? Can the PSI rules apply to incorporated professional practices?