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Tax Savings
Under our Income Tax Regulations, the Limited Liability Corporation enjoys attractive tax benefits – including Start-Up Exemption and the One-Tier Tax Exempt Dividends for Shareholders. You may enjoy substantial tax savings using the LLC as a corporate vehicle for your law practice.
Simply put, partnerships and sole proprietorships are see-through structures with the partner or owner being taxed on the income of the business at personal income tax rate. Assuming income of $320,000, a corporatised entity will pay tax of $20,400 vis-à-vis personal income tax at $42,700 (difference of $22,300!) due to startup exemption.
Tax Consultant, Ho Soon Wing of www.ascentiatax.com has helpfully provided a series of comparative scenarios using sample data to show the extent of potential tax savings at different levels of director's remuneration.
CLICK HERE to download comparative tax scenarios.
BIZIBODY LLC CONVERSION SERVICE - Includes everything you need in order to
# Incorporate an LLC
# Comply with ACRA & LPA Requirements
# Move your Matters and Financial Balances to the LLC
# Wind-Up your current practice
Useful Resources for LLC Conversions (click on the title) - CONVERSION CHECKLIST | BIZIBODY CONVERSION SERVICE MENU
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BIZIBODY BOOKKEEPING SERVICES
We provide bookkeeping support services to smaller legal practices who do not need a full time bookkeeper. We are able to customize our services according to your needs and budget. Service options include insourcing and outsourcing.
Our bookkeping services are provided by experienced Law Society approved bookkeepers who are familiar with the relevant legislation, including Solicitors Accounts Rules, GST legislation and other law firm bookeeping requirements.
We use specialized legal accounting software to ensure that your books are accurate and up-to date.
CLICK HERE for more bookkeeping and financial management resources.
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