With a new partnership that has no profit and just has a handful of expenses is it ok to have a tax agent lodge ‘no return necessary’ and we each claim half of the expenses on our personal tax returns?
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Hi there @Sunshines
Thanks @Bruce4Tax
Just to expand on that a little bit, a partnership return needs to be lodged if it’s operating a business. It needs to show the income and expenses of the partnership and how the income or loss has been distributed between partners.
The partnership doesn't need to lodge if it was not a business, that is it only receives rent, dividends or interest.
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is it ok to have a tax agent lodge ‘no return necessary’
If there is an ABN, then tax return must be lodged.
we each claim half of the expenses on our personal tax returns?
No - those expenses belong to the partnership.
Non-commercial loss rules may apply.
Hi there @Sunshines
Thanks @Bruce4Tax
Just to expand on that a little bit, a partnership return needs to be lodged if it’s operating a business. It needs to show the income and expenses of the partnership and how the income or loss has been distributed between partners.
The partnership doesn't need to lodge if it was not a business, that is it only receives rent, dividends or interest.
@TonyATO thanks. A tax agent offered to file our partnership tax return as NIL or no return necessary as we have no profits etc and just a few expenses. Is this not something we can do? Thanks again.
Hi @Sunshine,
Sure can!
You can lodge electronically which is the easiest way or using a paper form.
Happy lodging!
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