Partnerships

 

It may be easier in some cases to manage your business with a business partner. There are benefits as well as requirements you need to meet to form and maintain a valid partnership. We can help you do the following:

 

Prepare the partnership agreement

Have the terms of your partnership clearly set as to know what is expected from you as a partner.

Provide advice as to how you can benefit from the partnership in terms of the tax and contribution to the partnership.

 

Set up the partnership

Applying for and registering the partnership’s name and Australian business number.

By clearly set up partnership we will help you to avoid future  hassle with the tax office, frequently relating to partnerships between a wife and a husband.

 

Manage the accounting and tax related issues

Partnership, as distinct from a company, is not a separate legal entity. However, in the eyes of tax law it is somewhat treated as that. We will help you to keep up with the record keeping and reporting.requirements of your partnership throughout the financial year.

We also do the bas statements and annual gst return to claim all the gst credits against tax payable.

 

Prepare the annual partnership tax return

We will prepare the accounts and transfer them into the partnership tax return, making sure the outcome is the most favourable to the partnership. Then we will lodge the partnership tax return the details of which we transfer to your personal tax return.