A partnership is relatively inexpensive to set up and operate. The partners share income, losses and control of the business.
In a partnership business structure:
- income, losses and control of the business are shared among the partners
- the partnership has its own TFN and must lodge an annual partnership return showing all income and deductions of the business
- the partnership doesn’t pay income tax on the profit it earns – each partner reports their share of the partnership income in their own tax return
- each partner pays tax on their share of the partnership profit at the individual tax rate and may be eligible for the small business tax offset
- the partnership must apply for an ABN and use it for all business dealings
- the partnership must be registered for GST if its annual GST turnover is $75,000 or more.
We can help you with your partnership’s bookkeeping. We perform a range of reconciliations, proofs and integrity checks based on the information you have provided, and then preparation and electronic lodgement of annual partnership return with ATO.
If you have done with your partnership’s bookkeeping, we can perform a review of bookkeeping record, so as to provide you with a second opinion and electronic lodgement of annual partnership return with ATO.