Suite 4, 255 Whitehorse Road, Balwyn VIC 3103
Suite 4, 255 Whitehorse Road, Balwyn VIC 3103
To Professional Services Clients
Tax-effective profit extraction, asset protection, and partner succession planning for knowledge-economy businesses. We understand how professional service firms actually make money.
WIP Specialists
Time-based billing and work-in-progress accounting
Asset Protection
Structures that separate personal wealth from liability
Partner Succession
Entry, buyout, and exit planning for principals
Principal-Led Advice
Advice from experienced and knowledgeable professionals
WIP Specialists
Time-based billing and work-in-progress accounting
Asset Protection
Structures that separate personal wealth from liability
Partner Succession
Entry, buyout, and exit planning for principals
Principal-Led Advice
Advice from experienced and knowledgeable professionals
The Challenge
Many professional service firm owners draw income without a structured profit extraction strategy. The result is more tax paid than necessary and less wealth retained.
Professionals in high-liability fields, law, engineering, consulting, often hold personal assets in structures that offer little real protection if a claim is made.
Bringing in a new partner or exiting a practice without the right structure can trigger unexpected tax, disputes, and serious undervaluation of what's been built.
Many professionals get the wrong advice, our highly skilled team are well versed in PSI rules and ensure you avoid costly mistakes with the ATO.
What We Cover
Specialist accounting for law firms, architectural practices, IT consultancies, engineers, and management advisers.
WHY KIDMANS PARTNERS
Your tax adviser, accountant, financial planner, and lending broker work from the same plan. Your business structure, personal wealth, and succession strategy are designed together.
We track ATO guidance on service entity arrangements, trust distribution rules, and professional practice structures so your setup stays defensible.
We understand how professional service firms bill, distribute profits, and transition ownership. This isn't advice adapted from a commercial template.
We review your profit extraction and structure before year-end, not after. Planning early means more options and fewer surprises.
TRUSTED IN MELBOURNE AND AUSTRALIA-WIDE
Don't take our word for it. Here's what our clients say about working with the Kidmans Partners team.
Related Services
Our integrated practice means your accounting, audit, and advisory needs are handled under one roof.
Independent financial audits, internal controls reviews, and assurance services for professional services with complex reporting requirements.
R&D tax incentive claims, instant asset write-off planning, payroll tax, and proactive tax planning tailored to the needs of professional services.
Strategic advisory for professional services focused on margin improvement, cash flow forecasting, equipment investment decisions, and succession planning.
NEWS & INSIGHTS
TAKE THE FIRST STEP
A complimentary initial call with one of our Senior Team Members. No obligation. No jargon. Just a clear plan for what comes next.
Frequently Asked Questions
A service trust is a separate entity that provides administrative, staffing, and premises services to a professional practice in exchange for a service fee. The fee is paid by the practice to the trust, which then distributes income to beneficiaries. The ATO has specific requirements about how service fees are calculated and the arrangement must be properly documented. We establish and review service trust arrangements for professional service firms.
Admitting a new partner involves valuation of the incoming partner’s interest, funding arrangements, tax treatment of goodwill, and any changes required to the partnership or trust deed. We advise on partner entry transactions including valuation, structuring, and the documentation required.
Solicitors in Victoria who hold trust money are required to have their trust accounts externally examined each year by an approved external examiner. We conduct external examinations of solicitor trust accounts and are authorised to complete trust account reporting obligations under Law Institute of Victoria requirements.
WIP accounting tracks the value of time and disbursements incurred on client matters but not yet billed. Accurate WIP reporting is important for understanding the true financial position of the firm and making informed decisions about billing, resourcing, and profitability. We set up WIP systems and produce reporting that gives principals a clear picture of unbilled value across the practice.
Common strategies include holding personal assets in a structure separate from your professional practice, using a discretionary trust to hold investment assets, and building wealth through superannuation given its general protection from creditor claims. The right approach depends on your specific circumstances. We advise on structuring for professionals and work alongside your legal adviser where needed.
