Partnership Tax Returns in Melbourne

The eFirm team are experts in partnership accounting and taxation in Melbourne. We can help you and your business partner to manage your taxes through the financial year.

What is a Partnership?

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.

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Advice on Partnerships

Each partner is personally responsible for business debts and is individually liable for debts incurred by the other partners.

eFirm is happy to provide you with the best advice on whether a partnership is the right structure for your business.

Tax Return Requirements

Consideration

Consider whether a Partnership is the right structure for your business.

Compulsory Tax Return

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

Get Your ABN

The partnership must apply for an ABN and use this number for all business dealings. Additionally, the partnership must be registered for GST if its annual turnover is $75,000 or more.

Lodge an Annual Return

Lodge an annual partnership tax return showing all income and deductions of the business.

Individual Returns

Each of the individual partners needs to lodge an individual tax return, as well.

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To discuss more about partnerships and partnership tax returns, call 03 9034 7126

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