Do you run a substantial partnership business somewhere like Perth, Australia? Then, there are quite a few partnership tax return liabilities which you should comply with. Hire a Partnership Tax agent in Perth to remain updated with these obligations in an effective manner. Besides, read the following post quite carefully as it will acquaint you with the various partnership tax return obligations. So without wasting time anymore, let’s get started!
How to get started?
So, to get started, a substantial tax return should be lodged by every single member of your partnership business. Each member should again submit a substantial individual Tax Return without a miss. As a result, you can separate your personal finances from the business deductions and expenses quite effectively. Again, there are quite a few deductions which individual partners can claim on their return. These conventionally include deductions which are oftentimes are not accessible by the partnership.
How to decide on a Partnership?
When it comes to your partnership business, you need take care of it meticulously. Most of the small businesses in Australia opt for this business structure to run their firm in Perth, Australia. Partners who integrate this business type reap the maximum benefits out of it. So, make sure you choose the structure of your partnership business a bit wisely. Otherwise, your taxing circumstances might become optimally intricate and so will your tax return lodgement.
Steps to effective partnership tax lodgement!
Some of the key steps which will aid you in the impeccable lodgement of your Partnership Tax Return are:
- Each of your partners pays duties on a portion of the total partnership earning. This is because the Partnership doesn’t pay Income tax voluntarily.
- As one of the partners, you need to lodge individual tax returns effectively on behalf of your partners and
- Do lodge a Tax Return of Partnership for reporting the total Income. These particularly incorporate the various incomes which are assessable. Again, the lodgement should be devoid of the deductions and expenses which are allowable in type.
Remember, that the ATO is conventionally offering the ‘Partnership Tax Return’ lodgement via a Portable Document Format (PDF). Ask your registered tax agent to obtain detailed bits of information regarding the effective lodgement of your Partnership tax return.
Lodge your Partnership Tax Return properly!
Your registered tax agent Perth needs to lodge your partnership tax return effectively on your behalf. There are practically two ways in which your tax agent can lodge your Partnership Tax Return on your behalf. These include the following:
Sending of the lodged copy to the main official address of the Australian Taxation Office or
Sending it online through compatible software systems as stated by the Australian Taxation Office
Your partnership tax agent is aware of the crucial aspects related to the lodgement of your partnership tax return. Hence, the results will be way more flawless as compared to yours when it comes to the lodgement of your partnership tax return.
Things you must report on your Individual Tax Return!
There are certain things which you should report on your individual Tax Return. These include the following:
- Your wages or salary should be shown on the summary of the payment
- Extraneous assessable earnings which you have gleaned as parts of your partnership business. These primarily include incomes obtained from rental properties, salary or wages and potential dividends if any.
- The share of your net partnership loss or that of income
A registered tax agent in Perth has years of experience in helping clients reporting the aforesaid aspects impeccably. Most importantly, your tax agent will help you report the things discussed above according to ATO’s taxing rules and regulations.
Prominent features of a Partnership Business!
Before you lodge a Partnership Tax with the ATO, it’s better to know some crucial aspects of a Partnership Business. These include the following:
- The business should register for GST if its annual turnover is AU$75,000 or more than that
- A Partnership Business should always have its unique Australian Business Number (ABN)
- Each of your partners should pay the Income Tax on the share of their pertinent profits. On the contrary, the Partnership is not liable for paying duties on the potential profits which it has earned.
- A Partnership again has its personalized Tax File Number. That’s why annual Partnership Tax Return should be lodged under this particular Tax File Number (TFN). The chief objective is to show all the potential deductions and earnings concerning your Partnership Business.
Remember, that if you are lodging the partnership tax return by yourself, then the due date is 31st October. However, if one of the best tax agents is doing that for you then this deadline will be extended for a certain period of time. So, this taxing year, lodge your partnership tax in Australia in a flawless manner. Impeccable lodgement of your partnership tax return is possible only after you hire a competent tax agent in Perth, Australia.