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LIV President's Blog
March 24, 2011

New Tax Law Ruling

Members interested in the latest Australian Tax Office ruling on incorporated legal practices (ILPs) should get in quickly if they want to hear firsthand how it will affect their businesses.

The LIV is launching a new series of seminars on hot law topics as they happen. The first session will discuss taxation treatment of ILPs and will be held at the LIV on Wednesday, 30 March.

The ATO released its long awaited determination on the capital gains implications of the entry and exit of partners/shareholders from a “no goodwill” incorporated legal practice on 16 March.

In this session, chaired by Reynah Tang (LIV Vice President and former chair of the LIV Taxation and Revenue Committee), we are bringing together Linda Skinner, Senior Director, Small and Medium Enterprises for the Australian Taxation Office and a representative from private practice to discuss the changes and what they mean for law practices.
These new sessions are intended to provide the latest news and developments for members and non members on current issues such as new legislation, judgments or current affairs as soon as they happen.
Each session will provide an overview or summary of the change, the opportunity to hear from speakers with a deep understanding of the change, and the chance to ask questions and they will run for no more than an hour and a half.
The sessions will be held within the LIV Lecture Theatre and members can access the session remotely and be involved with the discussion.
Click here for further details of the first Hot Law session and to register Taxation treatment of incorporated legal practices.
What hot topics would you like us to run in the future? Please comment here on topics or to tell us what you thought of the session.

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