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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. |
