A partnership generally reports the financial results of the business through a Partnership Tax Return.
The partnership itself generally does not pay income tax in the same way as a company.
Instead, the partners report their respective shares of the partnership result in their own tax returns.
Who Is This Service For?
Our services may suit:
small-business partnerships
family partnerships
professional partnerships
trading partnerships
investment partnerships
partnerships needing ongoing accounting and taxation support.
How SKC Accounting Can Help
Depending on your circumstances, we may assist with:
reviewing partnership records
financial statements
partnership income and expenses
preparing the Partnership Tax Return
partner allocation information
relevant deduction review
ATO correspondence where required
explaining taxation obligations
identifying future tax-planning matters.
Why Clear Records Matter
When several people are involved in the same business, clear accounting information becomes even more important.
Partners should be able to understand:
how the business performed
what each person's interest is
what profits or losses have been allocated
what information will flow into their individual tax affairs.
Common Questions
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Does the partnership itself normally pay income tax?
Generally, the partnership reports its results and the individual partners report their respective shares.
Can you prepare the partners' individual tax returns too?
Where appropriate, yes. This can make the overall tax process more coordinated.
Partnerships Often Also Need
Continue Learning
Should I Bring a Business Partner or Shareholder Into My Business?
What Should I Give My Accountant at the End of the Financial Year?
Sole Trader vs Company — Which Business Structure Is Right for Me?
Service Delivery Disclosure
SKC Accounting Financial & Advisory Services Pty Ltd trading as SKC Accounting is a licensee of Platinum Accounting Australia Pty Ltd (Platinum). Platinum is a Registered Tax Agent (Tax Agent No. 24683431). Tax agent services, including the preparation, review and lodgement of tax returns, and BAS/GST services requiring registered-agent authority, are provided through Platinum under the applicable engagement arrangements. For more information, please visit Platinum Accounting Australia.
Let’s Talk About Your Business
A useful first conversation starts with what your business does, what is creating pressure and what you would like to improve. Book a Complimentary Initial Consultation to discuss the support that may suit your circumstances.