Partnership Tax Returns in Melbourne
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.
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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