Partnership Tax | Ezy Tax Consultants

PARTNERSHIP TAX RETURN

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Partnership Tax Return

A partnership is not an entity, but it must lodge its tax return at every end of the financial year. In other words, it does not pay tax on its profit. Instead the profit or loss which is generated from the partnership is passed through its partners. Partners are then taxed on their share of the profits. They are also entitled to a deduction for their share of the partnership losses.

What you need to lodge Partnership Tax Return

The Partnership name
Partnership TFN
Partnership address
Each partner’s TFN, DOB and address
Partnership Agreement
Other records such as each partner’s capital contribution, drawings and share of profit or loss, minutes of partnership meetings regarding shares of income and losses

$ 330 per tax year

Bank Statements
Profit and Loss
Balance Sheet (if any)
Partnership Agreement (if any)
Prior Year Tax Return (if any)
$50 for additional Partner

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How it works

The partnership lodges its partnership tax return.
Each partner lodges an individual tax return.
A partner might earn salary as the primary income and earn the share of profit from the partnership as the secondary income.
Other assessable income such as dividends, rental income, foreign income etc.
Each partner is entitled to claim deductions related to work including motor vehicle expenses.
Click here for a list of eligible deductions that each partner can claim in the individual tax return.