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Thanks again for the... 05/02/2017, 22378721

  1. mattjread

    97 Posts.

    Thanks again for the response,

    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.

    In this section, you say about declaring partnership income, so with regards to my previous example, if we say 10k is deposited, used, and we then make 5k over the year from this, is the partnership income tax on the 5k profit, or is it both the initial capital plus the profit so 15k?

    With this being said, what option would you just out of curiosity? Thanks again mate!

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