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Tax Return for Partnerships

If you are doing business in partnership, why not bring your partners to us to manage your tax under one roof?

A partnership is not a separate legal entity and does not pay taxes on its own but it must lodge tax return to report partnership’s income and expenses. The net income is distributed to partners, and each partner is liable to pay tax on their share of distribution.

Partnership may consist of Individuals and/or other entities. Each individual or Entity must lodge their tax return in addition to partnership’s return.

Issues that require consideration when dealing with Tax Return for Partnerships include

  • Expenses deductible to partnerships and partners
  • Partners’ salary and profit distribution
  • Changing the make-up of a partnership
  • Capital Gains Tax Concessions for partnership assets
  • Everett Assignments