Set up a solid partnership that will protect your business interests and manage your tax liability for years to come.
Book an appointment with an
ITP Business Tax Accountant
Starting a business doesn’t need to be a solo affair. Set your partnership up for success.
It’s important to ensure you never pay more taxes or incur more business costs than necessary. As a partnership, your business will be equally divided between all business partners, meaning you share the income and losses. Partnerships are relatively simple to set up. However, there are liabilities you must be aware of, along with strategies for ensuring all partners gain the benefits they seek.
Each partner will need their own Tax File Number (TFN) and Australian Business Number (ABN). Partnerships can be formed with a verbal agreement or a written agreement. However, it is advisable to get a written agreement to protect all parties in case of disputes and legal issues.
Partners are liable for the business's debts and liabilities and are also legally responsible for the actions and debts of the other partners. A partnership does not pay tax on its income. Instead, tax obligations are spread equally across all partners who pay tax on their share of the business. Under a partnership, you’ll need to submit a tax return for your business along with an individual return as a partner of the business. This allows you to separate business expenses and deductions from private expenses. Some deductions are not available to the partnership but may be claimed individually by the partners.
ITP Tax Accountants will help you with your business finances, from preparing statements to managing your tax obligations. We'll also provide valuable financial and business growth advice.
A bookkeeper will help you keep track of your day-to-day financial transactions, look after your bank accounts, manage your debts and liabilities, chase outstanding payments, manage your invoices, pay your GST, lodge your BAS, manage your payroll and superannuation obligations, and make sure you’re up to date with Single Touch Payroll (STP) obligations.
As a client of ITP The Income Tax Professionals, you’ll have year-round support from your local consultant. We’ll help you stay organised and gear your business to make great financial decisions. We'll advise you on the best ways to maximise your tax returns and help you employ tactics for purchasing capital, depreciating equipment and assets and reducing your overall tax liability by maximising all of your claims.
Choosing the right accountant and bookkeeper for your business can help you maximise your business income. As a member of a business partnership, you’ll need help managing the finances of your business, as well as your taxation obligations.
Taking the first step is quick and easy. Simply fill out the form below and one of our ITP Business Tax Accountants will be in touch to answer any questions you may have.