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Partnership Tax Return

Get assistance in lodging your Partnership Tax Return quick and easy online.

Our team is ready to help you prepare, lodge and get up to date with all your partnership tax obligations.

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Lodging Your Partnership Tax Return Online

A Partnership is required to lodge an annual Partnership tax return with the Australian Taxation Office (ATO).

The partnership tax return will report to the ATO the business income and expenses, and also, the financial position.

The Net Income (revenue less expenses) of the Partnership will be distributed between the partners based on the legal document call the partnership agreement.

Partnership Tax Returns are processed within 10 business days by expert accountants who leverage online technology.

The team liaise with the ATO on your behalf and ensure a seamless process.

Affordable

Partnership Tax returns start from the low price of $500 + gst

Expert Accountants

The team are experts in tax minimisation and partnership tax returns.

Friendly & Professional

Receive communication on complex matters in simple and effective language.

Lodge Online

Lodge your returns in a fast and efficient manner whilst enjoying the benefits of cloud accounting.

Tax Return Pricing

Individuals

$150

Personal Tax Return starting from $150

Revenue <50k

$500

For companies, partnerships & trusts generating less than $50,000 per financial year

Revenue 50k-300k

$1,000

For companies, partnerships & trusts generating between $50,000 to $300,000 per financial year

Revenue >300k

$1,500

For companies, partnerships & trusts generating more than $300,000 per financial year

Free up your time with
POP Business

Book your tax consultation with your tax accountant at here in Sydney today. Speak with a qualified accountant to find out how our range of accounting services can help you achieve your goals.

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for so many small businesses

POP Business is so successful at delivering awesome results for small businesses because of a combination of four things:

1. Qualified Chartered Accountants

2. Cloud-based software and technology

3. Savvy and streamlined processes

4. Exceptional customer service

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You have a business tax or accounting need
STEP 1
STEP 2
Contact our friendly team and we’ll provide a quote here
STEP 2
STEP 3
Whatever the problem, POP Business will help you get on top of it
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Cue a sigh of relief and get back to focusing on the important stuff (i.e. your business)
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By saving time and money, and preserving your peace of mind, you’ll be free to focus on the really important stuff. Namely, running your business successfully.

When you use POP Business for your business, you can count on:

Peace of mind

It’s a good feeling to know there’s a crack team of specialist tax business accountants who have your back.

Expert, actionable advice

Our award-winning team of accountants can answer any question you have and advise you of your best strategy.

Fast response-time

POP Business don’t muck around – if you contact us with a query, we get back to you pronto.

Whatever your tax needs, our team of experienced POP Business Accountants have got you covered.

Perhaps your small business is behind on your annual tax obligations?

Maybe you’d like to know if there’s other smart ways you can minimise your tax?

Or, it could be you’re looking for expert advice on how to growth-hack your business.

Good news. POP Business are the pros at all three. Tax shouldn’t have to be so… well, taxing. Drop us a line and you’ll never look back.

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Wendy Yong
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Sidney Cachuela
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Patrick Sargent
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Partnership Tax Return

Company Tax Returns -
frequently asked questions

A partnership income tax return informs the tax authority of your partnership’s net income – which is its assessable income less allowable deductions and expenses. It’s required to be lodged if you carry on a business jointly with someone else.

No, a partnership is not a separate legal entity. However, in order to operate your business as a partnership, the partnership must have its own Tax File Number (TFN) and Australian Business Number (ABN). It must also lodge a partnership income tax return.

Profits are distributed to each partner in accordance with a partnership agreement. Each partner then separately reports their share of partnership profits on their individual tax return, and pays tax at their individual tax rate.

A family partnership occurs where two or more partners are related. There are record keeping requirements in relation to family partnerships for tax return purposes. You must document the family relationship of the partners and in a husband and wife partnership, the nature and extent of services provided by each person.

There are some deductions that can be claimed without receipts.

For deductions that require substantiation, registered tax agents such as POP Business can work with you to figure out whether there may be alternative ways to evidence those items.

You could be given a failure to lodge on time penalty. For a small entity, the penalty is one penalty unit (currently $222) for every 28 days that the return is outstanding, up to a maximum of five penalty units.

If you receive a penalty notice, a registered agent such as POP Business can request remission either in full or in part on your behalf, if there are mitigating circumstances.

To lodge prior year partnership tax returns, start by talking to the ATO so you can determine what’s outstanding and if they have already collected some income details through your partnership tax file number.

A registered tax agent such as POP Business can help with this by liaising with the ATO on your behalf. We can also show you how to prepare a partnership tax return based on the relevant rules for the tax year(s) in question.

A registered tax agent such as POP Business can help you:

  • Identify what should be included on the partnership tax return
  • Understand how to fill out partnership tax return correctly
  • Ensure lodgement by the partnership tax return due date
  • Maximise your tax refund by identifying deductions and business reliefs you’re legally entitled to

Our professionals can explain how to do a partnership tax return using relevant partnership tax return examples, and through plain language without technical jargon.

The Australian government introduced economic measures to support businesses in response to the coronavirus pandemic. Changes to the instant asset write-off and measures like JobKeeper payments may impact your partnership income tax return.

POP Business can work with you to ensure you file your partnership tax return correctly while maximising business reliefs.

During the year, a partnership may change if a new partner is admitted and/or a partner retires.

For tax purposes, the partnership formed as a result of the change must lodge one partnership tax return covering the whole income year. The return must include distributions made to every partner during the year – even those who left the partnership. There are also additional partnership details required by the ATO.

The partnership doesn’t pay income tax on the profit it earns – each partner reports their share of the partnership income and pays tax accordingly at the individual tax rate to lodge the tax return.

If you lodge the partnership tax return yourself, it is due by 31 October. 

If you lodge through a registered tax agent like POP Business, your due date will generally be between March to May. Please get in touch for the exact due date.

Partnership tax returns start at a low $500. 

Pricing will increase based on the size and complexity of your business. Our pricing is all competitive and have been priced to be an affordable option for small businesses.

We are located in Chippendale, Sydney.

Our passion is helping people
build their dream business

Need help? Call and speak to one of our expert accountants for free at 1300 180 630

Let the small business experts get your tax and accounting on the fast track to success. The team are ready to clarify and advise on your next steps to get peace of mind on your business.