Partnership

A partnership allows you to start a business with two or more people. What’s interesting about a partnership is that it will have its own ABN and tax file number for tax purposes, but it’s not legally separate from the partners of the business.

Tax return for partnership:

A partnership will need to lodge a partnership tax return each financial year. Although the partnership lodges a partnership tax return, it does not pay tax on its profits. It is the partners of the partnership who will pay tax on the profits of the partnership.