As a new partner in a professional services firm, you will likely experience a significant change in income. This usually comes in the form of a large salary increase and a change to employment conditions that will see you go from being an employee with the firm withholding tax to getting paid gross income.
This means you are now responsible for putting aside funds to cover future tax liability, which requires you to have a structure in place to manage this cash flow.
When this structure is not in place, it can quickly lead to a shortfall when the tax liability is due. This, in turn, can lead to ATO fines, interest or being put on a repayment plan.
As a new partner, you want your head in the game, focusing on shaping the future of your career, not bogged down in your new financial management requirements. Apt Private Capital works with partners across the professional services industry to provide guidance on all aspects of your finances, from structures and SMSFs to tailored investment options that meet independence criteria.
Your clients come to you because you’re the expert in your field, so when it comes to your finances, go to the firm that are experts in theirs. Talk to us today about how we can help you live for today and plan for tomorrow.
General Advice warning
The information provided in this article does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) and Apt Wealth Home Loans (powered by Smartline ACL 385325) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.
