The biggest asset of a professional practice is, in most cases, its business goodwill. The term‚ 'goodwill? is an elusive concept that is linked to the profitability and the custom of a business, and to its intangible value. This presentation examines the goodwill of a professional practice, the ATO approach to professional goodwill and the implications for the practitioners including:
- what is goodwill?
- goodwill of professional practices
- is ‚no goodwill? possible?
- the ATO view.