Enhancing your practice by making your financial affairs work for you

Before life at the Bar, many of us came from paid employment.  Your employer made regular pay-as-you-go tax deductions from your salary, paid superannuation, paid you when sick or taking leave and issued pay slips.  You did not pay GST.  You probably received a tax return rather than being issued with a tax bill after lodging your annual tax return. You did not have to plan for retirement.  Now, as an independent barrister, these matters rest with you.

Bianca Musico and Victoria Piper are financial advisors who are familiar with the challenges facing a barrister.  In this session, they will discuss how you can arrange your financial affairs to suit, and enhance, your life at the Bar including:

-    Explaining the various accounting approaches available and the matters to consider when weighing up which will suit your practice best e.g. Do you account for fees on an accrual or receipts basis? What are the cash flow implications?  Is it different depending on the area you practice in?

-    Tax deductions available to barristers e.g. Can you claim transport between home and Court? Chambers and Court? Can you claim your home office set-up and what are the implications on the tax-free status of your primary residence? Can you claim your clerk’s fees? Can you claim gifts for instructors?

-    What is the taxation treatment for disbursements? e.g. work-related travel. Do you charge GST to the instructor on these disbursements?

-    What contingency plans should you consider making for planned and unplanned leave?  Is taking long service leave even possible and how will it benefit me?  How do you manage your instructors if embarking on extended leave?  Is there anything you can to do to ensure you return from leave with your practice intact? How do you manage your cash flow during such a period?

-    How do financial institutions measure your credit worthiness as a barrister? Is there anything you can to do to make it easier when applying for a loan?  What will work against you and is there anything you can do about it?

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This is an in-person event only.