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Partnership Tax Return

Every partnership must need to lodge a partnership tax return at the end of the financial year

Our small business team is helping the business with their finances. Our team is experts in partnership accounting and taxation which can help you and your business partner to manage your tax through the financial year. 

What do you need to do?

  • 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.
  • Lodges an annual partnership tax return showing all income and deduction of the business.
  • Each of the individual partners needs to lodge an individual tax return


Is a Partnership is a right structure for your business?

A partnership is a group or association of people who carry on a business and distribute income or losses between themselves.

A partnership is relatively inexpensive to set up and operate. The partners share income, losses, and control of the business.

All partners together are personally responsible for business debts and each partner is individually liable for debts incurred by the other partners. 

eFirm is happy to advise and provide you the best advice on of a partnership is a right structure for your business. 
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If you have any questions, please do not hesitate to send us a message. We will reply within 24 hours.

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Po Box 18048
111 Bourke Street
Melbourne VIC 3000

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