Accounting firms must prioritise succession planning to mitigate tax risks: NAB
What happened
Accounting firms should make succession planning for their own firms a bigger strategic focus this year, with the ATO focusing more heavily on the tax issues arising from poor succession planning. Bain said that owners or partners in an accounting firm can sometimes be more focused on just the immediate needs of their business, such as the growth strategy and talent retention. This matters for Professional Services & HR because contracting activity changes leverage, market appetite, and which clauses buyers can credibly trade with 60, 2014 as the clearest commercial anchors; Rate caps is now more valuable
Buyer takeaway
For Professional Services & HR, the buyer read-through is commercial leverage: scope, validity windows, reopeners, and term structure may now matter as much as headline pricing
Cost / money
The money issue may come through term structure rather than base price alone, especially if suppliers push for escalation language, shorter validity, or broader pass-through
Supplier / commercial
This is primarily a contracting story: revisit scope boundaries, extension mechanics, and which party carries volatility before those assumptions harden in a live tender
Safety / operations
The main operations question is whether the contract still matches field reality. If scope, response times, or liabilities are vague, the risk usually shows up during execution
What to watch
Watch scope creep, liability pushback, and term changes that move volatility back onto the buyer even if the base rate looks manageable
Key facts
- Accounting firms should make succession planning for their own firms a bigger strategic focus
- Bain said that owners or partners in an accounting firm can sometimes be more focused on just
- "However, events that were not anticipated can happen quickly, which brings the need for succ
- Bain said that succession planning should be top of mind for business owners, given that arou
