Businesses – Partnership
A partnership is another option. Again, reasonably easy to understand and cheap to set up with similar tax advantages to the sole trader option, although both partners are exposed in the event of the failure of the business, and one partner can bind the other in financial commitments.
It is possible to form a limited partnership in some States (where the limited partners have limited liabilities), but such entities are taxed as if they were companies and so forego the tax advantages attaching to a general partnership.
If would like to consider operating as a Partnership we at GM Tax can assist with the registration with the ATO along with ongoing support including:
- Tax advice and guidance to ensure that being a partnership structure is right for you and your business.
- Obtaining an Australian Business Number for the partnership business from the Australian Taxation Office.
- Registering a business name with ASIC.
- Assisting with book-keeping, payroll administration, superannuation obligations and the lodgment of quarterly Business Activity Statements.
- Preparing the annual accounts and tax return for the Partnership business and for submission to the ATO.
Please contact us at GM Tax to ensure you establish the business structure that is right for you and your business.
You can send an enquiry via our contact us button or you can call a GM Tax office closest to you.
GM Tax also offers the following services:
- Tax planning advice and guidance with regards to business structures to ensure that you are trading in the right structure for you and your business.
- Preparation of Financial Statements for all trading structures.
- Preparation of tax returns, with all returns electronically lodged where possible.
- Business advisory and guidance.
- Operation of payroll, including superannuation reporting obligations.
- Preparation and submission of quarterly business activity statements (BAS) including electronic submissions to ATO.
- Preparation and electronic submission of UK and Australian tax returns