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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.
Our partnership tax returns start at $1,210, including GST.
Pricing will increase based on the size and complexity of your business. Our pricing is all competitive and has been priced to be an affordable option for small businesses.
There’s no formal partnership tax rate set; in partnerships, 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.
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 a time penalty. For a small entity, the penalty is one penalty unit (currently $222) for every 28 days, and 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.
A registered tax agent such as POP Business can help you:
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.
A family partnership occurs when 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.