Is your business a partnership?
If so, a separate return must be lodged for the partnership with profits or losses included in the personal tax return of the partners involved. In other words, while a tax return is to be lodged for a partnership the tax on partnership income is paid by the partners, not by the partnership.
Business partnership tax returns can be extremely complex with many deductions, and payments made to partners cannot be claimed as deductions by the partnership.
Don’t go it alone this year. Nav Accountants has significant experience in assisting partnerships with their tax returns, and we welcome the opportunity to talk you through our services with a free consultation. Contact us today for more information.
Get in touchEmploying a tax expert is essential for compliance, and to help you minimise your tax payments.
