partnership no need to lodge?

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 · Accepted Answer

AlliATO · Answer

You've done some great research, the information you've found is spot on. Have a look at our Rental properties 2023 (https://www.ato.gov.au/Forms/Rental-properties-2023/?anchor=Rentalincome#Rentalincome) page. Under Rental income > Co-ownership of rental property link it provides some great info with examples for not in business and carrying on a business of letting rental properties that will help you work out your position. Who completes the tax return or a non-lodgement advise is the preference of the entity owner/s, we don't mind as long as it's lodged. If you do the election not to lodge a partnership return, you can still claim losses in your individual returns. You may want to consider seeking independent advice from a registered tax professional or financial advisor as well.

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