PARTNERSHIP
TAX RETURNS FROM $280
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Partnership Tax Returns
Why people choose Business Partnerships?
Partnerships are a great structure when used in the right circumstances of trading. One of the advantages of having a partnership is having another party to share the obligations and responsibilities.
How does it work?
Trading using a Partnership is like any other business in terms of its reporting and obligations, however a partnership must distribute all of its profits every year to the Partners and therefore does not pay any tax in its own right, whilst also splitting the overall profit based on the partnership agreement (usually 50/50) to reduce the overall tax payable by the Partners.
How does GST apply to partnerships?
Partnerships are the same as any other structure under the GST Act 1999. They must register for GST if their turnover, in any 12 month period (i.e. think 12 months in the past, what is your income at today?) is more than $75,000, within 21 days of becoming aware with the ATO.
You will also be required to lodge quarterly activity statements known as Business Activity Statements (BAS) that report on your trading for the quarter including your wages and PAYG Withholding. for GST if must be registered for GST if the annual GST turnover is $75,000 or higher. If the business receives a GST refund, the Partners may withdraw on the refund according to their share percentage.
$280*
*More complex circumstances than normal e.g. motor vehicle deductions, home office expenses, investment income could result in the price increase. Price will be confirmed at the appointment.