Partnership Tax Rules
A partnership is not taxable itself, but every partnership or individual must lodge a
partnership tax return at the end of each tax year. The accountants at Tax Monster can help ensure ATO-compliant lodgment of partnership tax returns, helping to avoid ATO issues and also reducing any taxable expenses that you have incurred over the tax year. Tax return partnerships can be quite complex and with the help of Tax Monster qualified accountants we can streamline them so they are easily integrated with our system and lodged correctly with the ATO. You cant lodge a partnership tax return online with Tax Monster you will need to speak to an accountant.
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Partnership Tax Return Online - From $299.90*
Looking to file partnership tax return online? You can do this via the ATO portal but its best to get us to help. If you have structured your
business as a partnership it's important to understand the obligations the partnership needs to meet. Partnership tax returns are one of
them. With Tax Monster you can rest assured that your partnership tax returns are lodged correctly and on time if you’re your looking for
the below tax services. We are professionals at the preparation of partnership tax returns for all Australian businesses. We can help you
file partnership tax return online & business partnership tax return via the Tax Monster service.
A business partnership is a common structure for small businesses in Australia. Partners have many advantages, but it’s important to remember that a partnership is not right for every joint business and the tax implications can become complicated. Liabilities fall on each person in the partnership and does not have the same protections as a company structure. Tax Monster is able to advise on whether or not a partnership is right for you, if it is, we’ll help you set it up too, and lodge your tax returns for partnership. So you’re in a business partnership, this means you and at least one other person are in this together, you both/all receive income from this business you’ve got and you all pay tax on your share of that income. Seems easy! This means you both need to pay tax on your incomes and it also means you are equally responsible for any debts, losses and legal implications
Partnership Tax Return Lodgement
You need to lodge an annual partnership income tax return for your business, that shows how much money you earned over the year and also to claim the deductions (work related products & services you paid).
Once you have your income, less your deductions, then you pay tax on what's left. Your share, not your partner's share. You each then lodge your own tax return, Tax Monster can help you do this with ease. Professionally & affordably.
The actual 'partnership', does not have to pay PAYG instalments, but as an individual who is part of partnership, you may have to pay PAYG instalments on your share of net income for the business. As a partnership, you can register for an ABN (which comes in quite handy, when other businesses charge you for things; cause if you quote your trusty old ABN, then they don't charge you tax on that service or goods at the tax rate of 46%). You need to have a business TFN, you need to pay PAYG withholding (if applicable) and fringe benefits tax (if applicable).
What is a Sole Partnership Arrangement?
A partnership is formed when two or more people (up to 20) go into business together. Partnerships can either be general or limited. Sole Trader Partnership Tax Returns must be lodged each year. Don’t miss the partnership tax filing deadline as you may incur a fine.
While it is becoming easier for people to lodge their tax return on their own, we strongly suggest using the expert’s so tricky questions like “List any income that is entitled to a personal tax exemption” can be answered accurately and comprehensively. On another note, the instructions for your personal online tax return are updated annually causing a lot of people to be caught out where they haven’t read these carefully. When you use Tax Monster, you’ve got a team of experienced accountants who know tax law inside out, ensuring your online tax return is completed according to the ATO instructions.
A general partnership is one where all partners are equally responsible for the management of the business, and each has unlimited liability for the debts and obligations it may incur. Sole Trader Partnership Company must lodge a Tax Return each year to the ATO. A family partnership is where two or more members are related to one another they also must lodge a Partnership Tax Return each year.
A limited partnership is one where the liability of one or more partners for the debts and obligations of the business is limited. A limited partnership consists of one or more general partners (whose liability is unlimited) and one or more limited partners (whose liability is limited in proportion to their investment). There is no maximum number of limited partners. They must lodge a Partnership Tax Return.
Partnership Set Ups
Tax Monster Partnership Agreement sets out the rules under which the partnership must act. You can have up to 20 partners. Unless there is an agreement that states anything different all partners are equal, and must share the business' profits, and cover losses, equally. Speak to one of our accountants at Tax Monster today to set up your partnership agreement. Get professional & affordable advice on the legal set ups for partnership agreements.