Partnerships

Partnership firm is required to lodge a tax return at the end of each financial year. Partners running a partnership firm are liable to pay tax for their share of income from the partnership firm. Each individual in the partnership firm has to lodge their individual tax returns as well as partnership tax returns. Partnership tax returns should allow assessable income with legal expenses and deductions to compute net income/loss for the financial year. Our experienced staff will help you identify your business expenses which can be deducted against partnership income.

SMS accountingpartners will work with your tax return so that you can rest assure that you are getting all the right deductions claimed. Before lodging any tax return we confirm, compare and update every detail to provide you with accurate results to avoid ATO audits and penalties. SMS Accounting Partners will provide you with highly professional services will allow you to grow in your business.

Record keeping obligations

  • Details of the partners, including TFN, Date of birth and address.
  • Details of the changes if the persons authorised to act on behalf of the Partnership have changed
  • The date of dissolution (if applicable)
  • The date of the reconstitution (if applicable)
  • Variation of partnership agreement: Keep a copy of any variation to the partnership agreement for the life of the partnership plus five years.
  • Business records including: books of account (with accounts for each partner’s capital contribution, drawings and share of profit or loss), minutes of partnership meetings, and memoranda of decisions reached, especially regarding shares of income and losses.

Deductions

  • A list of work-related expenses (with receipts). This includes business motor vehicle logs
  • Interest and fees on investment loans
  • Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
  • Fee charged for previous year’s tax return
  • Superannuation contributions paid as part of the Superannuation Guarantee

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