Professional Services Accountant
Specialist accounting for lawyers, consultants, architects, engineers and other professionals across Melbourne
High-income professionals in law, consulting, engineering, architecture, and other knowledge-based industries face some of the most complex tax situations in Australia. With income that can vary significantly year to year, complex business structures, and the ATO's Personal Services Income (PSI) rules constantly in the picture — having a specialist accountant is not a luxury, it's a necessity.
At Elite Accounting Solutions, we work with professionals across Melbourne to structure their affairs efficiently, ensure full compliance, and identify every legitimate opportunity to reduce tax and build wealth. The difference between a well-structured and poorly-structured professional services business can be $20,000–$60,000 in tax savings per year.
Who We Help
- Lawyers and barristers
- Management and IT consultants
- Engineers and project managers
- Architects and designers
- Accountants and financial advisers
- Marketing and communications professionals
- HR and recruitment consultants
- Independent contractors and freelancers
The Professional Services Tax Challenge
Professional services practitioners often earn high incomes — which means they face marginal tax rates of up to 47%. Without the right structure and planning, a significant portion of your income goes to the ATO rather than building your wealth.
The key challenge is navigating PSI rules while identifying legitimate income splitting and tax minimisation strategies. We help you understand exactly where you stand and what's available to you.
Our Services for Professional Services Firms
Comprehensive accounting, tax, and strategic advice for professionals at every career stage.
PSI Rules Assessment
We assess whether Personal Services Income rules apply to your situation and advise on the most compliant and tax-effective approach — including the results test, 80% rule, and business premises test.
Business Structure Review
Sole trader, company, partnership, or trust? We review your current structure and advise on whether a restructure could deliver significant tax savings — taking into account PSI rules, asset protection, and your goals.
Income Splitting Strategies
Where PSI rules permit, income splitting through a discretionary trust can significantly reduce your household tax bill. We identify legitimate opportunities and ensure your arrangements are defensible under ATO scrutiny.
Partnership Agreement Advice
Multi-principal professional practices need carefully structured partnership agreements. We advise on profit sharing, buy-sell provisions, and the tax implications of partner entry and exit.
Superannuation Strategies
High-income professionals have the most to gain from maximising super. We advise on concessional contributions, carry-forward rules, Division 293 tax, and SMSF strategies for long-term wealth building.
FBT & Salary Packaging
Fringe Benefits Tax on practice vehicles, entertainment, and salary packaging arrangements requires careful management. We ensure your FBT obligations are met and your packaging arrangements are tax-effective.
Business Succession Planning
Planning your exit from a professional practice is one of the most important financial decisions you'll make. We advise on buy-sell agreements, CGT concessions, and how to maximise the value of your practice on sale.
Tax Returns & Compliance
We prepare and lodge all tax returns — individual, company, trust, and SMSF — ensuring full compliance and maximising every legitimate deduction available to professional services practitioners.
PSI Rules — Know Where You Stand
The Personal Services Income rules are a common trap for professionals who operate through a company or trust. Here are the four tests the ATO uses to determine whether PSI rules apply:
Results Test
May avoid PSIIf you are paid to produce a specific result, provide your own tools and equipment, and are liable to fix defects at your own cost — you may pass the results test and PSI rules may not apply.
80% Rule
PSI rules applyIf 80% or more of your PSI comes from one client, PSI rules apply — regardless of other tests. This is the most common trap for consultants and contractors.
Business Premises Test
May avoid PSIIf you maintain a business premises that is physically separate from your home and your clients' premises, and you use it for your work, you may pass this test.
Employment Test
May avoid PSIIf you employ others to perform at least 20% of the principal work, or engage an apprentice for at least half the income year, you may pass this test.
PSI rules are complex and fact-specific. We assess your individual situation before advising on structure.
Frequently Asked Questions
Common questions from professional services practitioners about tax, PSI, and structure.
What is Personal Services Income (PSI) and does it apply to me?
Can I split income with my spouse through a family trust?
What is the 30 June trust distribution deadline?
What deductions are available to professional services practitioners?
How do I plan for the sale of my professional practice?
Related Specialisations
Professional services clients often benefit from our expertise across these related areas:
Medical Practitioners
Doctors and allied health professionals face the same PSI challenges as other professional services practitioners.
SMSF
High-income professionals can significantly reduce tax by maximising super contributions and using an SMSF.
Franchise
Some professional services firms operate under a franchise model — we understand both the professional services and franchise dimensions.
High income demands smart tax planning.
Book a free consultation today and let our specialist team review your structure, assess your PSI position, and identify every legitimate opportunity to reduce your tax bill.
Related Articles & Guides
Tax for Professional Services Firms: How Accountants, Lawyers & Consultants Should Structure Their Business
PSI rules, income splitting strategies, trust distributions, and the best business structures for Australian consultants, lawyers, and professional services firms.
Trust Distributions and Tax: What Every Trustee Needs to Know Before 30 June
Miss the 30 June trustee resolution deadline and the ATO can tax your entire trust income at 47%. The complete guide to trust distributions, Section 100A, and year-end planning.
Superannuation Contribution Strategies for 2025–26
Division 293 tax, concessional caps, carry-forward rules, and the key super strategies for high-income professionals before 30 June.
Why Choose Elite Accounting Solutions
Industry Expertise
Over 40 years of niche industry experience means we understand the unique tax, compliance, and business pressures your industry faces.
Personalised Service
We get to know your business personally. No call centres, no juniors — you deal directly with experienced accountants who care about your outcomes.
Proactive Guidance
We don't just do compliance — we proactively identify tax-saving opportunities and strategies specific to your industry throughout the year.
Clear Communication
We explain everything in plain English. No jargon, no surprises — just clear advice so you can make confident, informed financial decisions.
Ready to work with an accountant who truly gets your industry?
Book a free one-hour introductory consultation and see the difference specialist advice makes.