Partnership structure

A partnership is a simple form of business structure made up of 2 or more people who distribute income or losses.

Key features

If you are looking at starting your business as a partnership, consider the following key elements. A partnership business structure:
  • is relatively easy and inexpensive to set up
  • requires a separate tax file number (TFN)
  • must apply for an Australian business number (ABN) and use it for all business dealings
  • partners share control and management of the business
  • partners don’t pay income tax on the income earned - each partner pays tax on the share of the net partnership income each receives
  • requires a partnership tax return to be lodged with the Australian Taxation Office (ATO) each year
  • requires each partner to be responsible for their own superannuation arrangements

Do you worry about getting your GST, BAS and payroll right?

Would you like to:
  • Save time on your record keeping so you have more time to focus on other aspects of your business?
  • Reduce the stress around meeting your GST and payroll reporting obligations?
  • Have reliable data and reports to help you to understand how your business is performing, manage your cash flow, make more informed decisions and improve your business?
I’m Sharon, a registered BAS agent with more than 20 years' experience in the industry.Get in touch to find out how I can support you and your business to stay on top of your numbers to run a successful business.
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