One of the advantages of having a business partner, is that you have someone to share the workload and who brings their own skills and assets, in order to achieve your joint targets. Partnerships are easy to establish and operate.
Business Partnerships do not pay ‘partnership’ income tax. Each partner declares the profits, or losses in their own personal income tax return. This allows for flexibility in tax manoeuvres, especially for family partners.
Partnerships must be registered for GST if the annual GST turnover is $75,000 or higher. If the business receives a GST refund, the Partners may withdraw on the refund according to their share percentage.
*More complex circumstances than normal e.g. motor vehicle deductions, home office expenses, investment income, could result in the price increase. Price will be confirmed at the appointment.