TAX return with Partnership ABN

austral

I have a partnership business with a gross income of 20K and all tangible/physical cost of 12K, for 2007-2008. The net income is 8K if I do not consider all hours and days I worked for the business during the year. Two questions -

1. Does ATO require me to lodge a tax return form and how ATO calculates tax over the the net income arising from the partnership biz?

2. Should I consider all hours I worked for the business as part of the business operating cost? In fact, the number of hours is very substantial

I am living in Sydney, can you suggest some reliable and flexible tax return agencies, if you think their services are really trustworthy and personalised?

I am using e-tax for personal tax return.

astina

你需要填一张partnership tax return,然后把利润分到各个partner头上，包含在他们个人的tax return里

你的business hour不能算成本

austral

Astina,

Many thanks for the rapid reply. You are wonderful! (I just read the background of your site and you yesterday from a free Chinese magazine called "TongLuRen", and today I just joined your site.)

Yes, I understand what you said. But, will ATO impose a tax over the distributed net income? How could I lodge that amount?

astina

LZ你是说你是看了同路人对我的采访才找到我们网站的吗？

在个人的tax return上，有个项目就是distributed income from partnership,这部分收入是作为你总收入的一部分，按照累计递进个人税率，来征税的。你用etax一做就明白了。

astina

partnership tax return,你需要到ATO的网站上找到这张表格，下载打印了填写的

睡去了，祝LZ在新足迹玩的开心

austral

Yes. The 同路人 issue 19/09/2008-25/09/2008.  What is LZ?

Yes, I knew that item about the income from partnership business. But from last year 2006-2007, this part of income was negative and very small and it did not translate into any real effect over the amount of the personal tax return.

[ 本帖最后由 austral 于 2008-9-21 23:49 编辑 ]

astina

下前最后一个回帖：

LZ=楼主，就是你啦

上一年度你的营业额是否没有达到2万？所以亏损不能抵消那年的工资收入。但是你的亏损带入了今年，可以抵消今年partnership的利润