Do partnerships pay tax directly?
No. Partnerships are flow-through. Income is allocated to partners, who are taxed on their share.
What does a partnership tax return include?
The partnership entity return plus accurate allocations to each partner’s individual return (income, deductions, credits, CGT, franking).
How do partner profit shares work?
We follow your partnership agreement (or default rules), then reflect the split across each partner’s return.
What records do you need?
Bank statements, income/expense summaries, payroll if any, asset register, loan statements and the signed partnership agreement.
Do you review Personal Services Income (PSI)?
Yes. We check PSI and apply the correct treatment to stay compliant.
Can you complete multiple overdue years?
Absolutely. We regularly finalise prior-year partnership returns and help manage any ATO penalties.
Do you prepare financial statements?
Yes. We prepare statements or reconcile to your bookkeeping to ensure the return ties out.
Can you align the return with our BAS?
Yes. We reconcile and align as requested.
How quickly can you complete our return?
Most are completed in a week or two. We’ll fit your time frame.
Can you also do our individual returns?
Yes. Many partners have us finalise both the entity return and each partner’s individual return for a seamless outcome.
Do you support Xero, MYOB, QuickBooks and eCashBooks?
Yes. We accept files/exports from all major systems. We recommend eCashBooks for simplicity.
What if we had no income this year?
You may still need to finalise a return. We’ll confirm your obligations and prepare any nil return required.
Do you handle CGT and small business concessions?
Yes. We prepare CGT schedules and assess small business CGT concession eligibility.
Can you help with partners’ PAYG instalments?
Yes. We’ll review and adjust instalments to manage cash flow and avoid bill shock.
What if we miss the deadline?
The ATO may apply penalties and interest. As your tax agent, we can access extended time frames and manage remediation.
Can you fix errors from previous accountants?
Yes. We can amend returns, correct allocations and liaise with the ATO as needed.
Do you help new partnerships set up correctly?
Yes. We review structure, registrations and your agreement for tax effectiveness and compliance.
How do non-resident partners get treated?
We review residency, withholding and treaty implications, and allocate income accordingly.
What if partners changed mid-year?
We apportion profit shares correctly for incoming and retiring partners based on dates and your agreement.
Do you offer tax planning, not just preparation?
Yes. Timing, structure and super strategies can all improve outcomes when planned early.
Can you help with ATO reviews or audits?
Yes. We prepare documentation, reconcile figures and liaise with the ATO on your behalf.
Can you work from spreadsheets if we’re not on software?
Yes. We’ll work with what you have and recommend an upgrade path when it saves you time and money.
How do we provide documents?
We’ll access your systems and let you know what documents we need.
Will a Chartered Accountant check our return?
Yes. Every partnership return is reviewed by a qualified accountant before finalisation.
How do we get started?
Request a quote and we’ll outline steps, documents and time frames.