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