Partnership tax return
Filing a partnership tax return can be complicated, but partnering with us will make the process smooth and stress-free. Let our team of experts handle all the details for you.
About the service
What is a partnership tax return?
Our clients in the Australian partnership business sector are reaping major financial rewards, with savings of up to 30% on their tax returns.
A partnership tax return is a document that is filed with the ATO in order to declare income and expenses for a business that is structured as a partnership. The return must be lodged annually, and it includes information on the total income of the partnership, as well as any deductions that have been claimed.
The Partnership Tax Return Form can be found on the ATO website, and it must be completed and lodged by the due date in order to avoid penalties.
Let's discussOfferings
Smart partnership tax return services that scale to your needs
We provide comprehensive accounting services for small businesses, ensuring that all of your financial records are kept up-to-date and in order.
Flexible options
Our experts can work with you to determine the best filing options and strategies for your partnership.
Expert guidance
Partnering with us means accessing our team of experienced professionals who provide expert guidance through the process.
Timely reminders
We set up timely reminders for important filing dates and deadlines, ensuring your return is completed accurately.
Transparent fees
Our fees are transparent and competitive, giving you a clear understanding of the cost-benefits of outsourcing this task.
Packages
Fixed monthly fee for a defined scope of services
Many clients appreciate having bookkeeping and tax services under one roof, while also enjoying the predictability of a fixed fee. Below is our indicative fee for a standard scope of work.
Only Bookkeeping & BAS
Does not cover tax returns, payroll and super.
From
$165
/month + GST
Bookkeeping & Tax combined
Bookkeeping, BAS and tax returns (no payroll or Super).
From
$225
/month + GST
Bookkeeping, Tax & Payroll
All inclusive: bookkeeping, BAS, payroll, Super and tax returns.
From
$280
/month + GST
Instructions
Partnership tax return instructions
If you are in a partnership business, you will need to file a tax return with the ATO. You will need to provide information about your partnership, as well as each partner's share of the profits and losses, and any partnership asset transfers and changes during the year.
Once you have completed the tax return, you will need to submit it to the ATO by the due date. Failure to do so may result in penalties and interest charges. If you need any help or guidance, get in touch with our expert team today.
Fill the details
What procedure does CleanSlate follow?
Review
We review a client's individual and business income sources and any applicable deductions or expenses.
Calculate
We calculate each partner's share of profits or losses based on their investment or ownership interests.
Lodge returns
We submit all required tax returns on your behalf to the ATO to ensure compliance.
Ongoing support
Our team offers ongoing support, providing guidance and assistance in any tax-related matters.
Why us
Why outsource your business partnership tax returns to CleanSlate?
There are several reasons why outsourcing your business partnership tax return to CleanSlate makes sense. Here are just a few:
- Our experienced tax professionals have the expertise to properly and efficiently handle all aspects of your partnership tax return.
- We will ensure that all applicable tax deductions and credits are taken advantage of, maximizing your return.
- Our services free up valuable time for you to focus on running and growing your business.
- We offer competitive pricing and a personalised approach to meeting your specific tax needs.
Registered tax agents & certified bookkeepers
How to lodge a partnership tax return with the ATO?
The first step is to ensure that all relevant partnership information, such as business expenses and income, is accurate and up-to-date. Once you have gathered all the necessary paperwork and data, you can proceed with filling out the online submission form on the ATO website.
This form will ask for basic personal details about each partner and information about any supplies or purchases made through the partnership, along with an estimate of the annual taxable income and any deductions or credits that may apply. Carefully check all information before submitting it to ensure accuracy and completeness.
Can a partnership tax return be done by one partner?
Generally, all partners in a partnership are responsible for completing and submitting the partnership tax return. However, one partner may take on the task of filing on behalf of the rest, as long as all other partners agree to this arrangement and are kept updated on the tax return progress.
What is the difference between a partnership tax return and a personal tax return?
A partnership tax return pertains to the income and expenses of a business partnership, while a personal tax return pertains to an individual's personal income and expenses. A person may be required to file both if they are also a partner in a business, to ensure compliance with tax laws.
What documents are needed to complete a partnership tax return?
Documents that may be necessary include the partnership agreement, annual profit and loss statement, business activity statements, bank statements, receipts for expenses, and records of any goods, services, income, or assets purchased or sold by the partnership. It's important to keep thorough records throughout the year.
What happens if a partnership tax return is not filed on time?
If a partnership tax return is not filed on time, the ATO may impose penalties and interest charges, and the business may face further consequences such as audits or legal action. If a delay is anticipated, it may be helpful to contact the ATO and request an extension or payment plan to avoid potential penalties.
Get in touch
Book a call with our Business Development Team
Our team of experts will maximise your refund and minimise the stress of lodging your partnership return. Book a call today.
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