Morrison responds to Michael West, page-11

No, it's very simple. There are two factors:

1. WIP is not assessable income. A significant portion of the profit over the 10 years in that article is accounted for by WIP increase. Work done is not assessable until invoiced to the client.

2. Disbursements on behalf of clients are tax deductible. There is a significant increase in the balance of disbursements over the 10 years which have been claimed for tax purposes, but are not recorded as an expense.

SHJ does have some uncertainty at present that needs to be resolved, but it's not about the issues raised in that article, it's about the Class Action judgements and recovery of fees and disbursement funding interest from the settlements, and whether they lose the future work they had been budgeting on in terms of settlement administration.