If you operate your business as a partnership, the partnership will lodge a partnership tax return for 2019 financial year. The Return will report the partnership’s net income (assessable income less allowable expenses and deductions), assets and liabilities, and partner’s distributions.
As an individual partner, you report on your individual tax return:
- your share of any partnership net income or loss;
- any other assessable income, such as salary and wages (shown on a payment summary), dividends and rental income.
The partnership doesn’t pay income tax on the income it earns. Instead, you and each of the partner’s pay tax on your distributed share of the net income.
What is the due date for lodgement?
You can appoint POP Business as your registered tax agent who can advise on your Partnership lodgement due date.
It would normally be March or May 2020. If you had lodged late for a prior lodgement year the due date may be brought forward by the ATO to 31 October.
POP can assist with remitting any penalties and interest that may be applied for late lodgement.
As the partnership distributes the net partnership income to the partners, it is advisable to lodge your return at the earliest convenience.
How quickly can we get our Partnership Tax Return for 2019 lodged?
If your financial statements are up to date, your Return can be prepared within one week. If your accounts are not reconciled, it may take a bit longer to attend to the reconciliations and the tax return preparation.
How do we sign the Return?
POP will send you your Return for electronic signing to your preferred email addresses. This eliminates the need for printing and scanning, speeds up the process and is good for the environment.
If you need assistance with your Partnership tax return for 2019 or earlier years, please advise and a POP tax specialist will be in touch to assist.?