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I used to be in a family... 05/02/2017, 22378160

  1. I used to be in a family partnership many years ago, but was bought out as I left the business.

    Partnerships, as the info above says, are different. Companies as an entity get taxed whereas partnerships do not. Rather, the individual partners get taxed personally. In Australia, you just declare partnership income on our individual tax return. The partnership will have it's own annual accounts which will lay out income/profits etc just as a company would.

    "That means that come tax time any income you make through your Partnership is counted together with your own personal individual income (so that means it is lumped in with income you make from other sources too – such as a job you might have on the side). By default, the law will assume that all Partnership income/profits/losses will be split equally among all partners, but it doesn’t necessarily have to be so."

    This is I think where it gets tricky. I'm not sure that you can operate a partnership in multiple jurisdictions. I've done a bit of looking and can't really see anything that says you can, but then neither that you cannot!

    Some potentially useful links
    https://www.cpaaustralia.com.au/~/m...p-partnership-shareholder-agreement.pdf?la=en

    https://www.corrs.com.au/assets/thinking/downloads/Doing-Business-in-Australia.pdf

    https://www.ato.gov.au/Business/Non-commercial-losses/Partnerships/

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