Hi All,
I am a partner in a partnership that returned no loss or income in FY23. I understand that I still need to lodge a tax return for this partnership. My question is:
For the individual tax return, there is a box to tick: "You were a sole trader or had business income or losses, partnership or trust distributions (not from a managed fund)". Should I tick this box or leave it?
Thanks for any tips!
Hello @Krokiet,
If you have nothing to lodge in a section you are not required to fill it out. As its a partnership our system will know that you are in a partnership and when it checks the partnership return in the future we will see you had no income or loss for that financial year. If you have other questions in regards to myTax 2023 you should take a look at our online instructions for each area that covers most issues.
Leave it.
Hello @Krokiet,
If you have nothing to lodge in a section you are not required to fill it out. As its a partnership our system will know that you are in a partnership and when it checks the partnership return in the future we will see you had no income or loss for that financial year. If you have other questions in regards to myTax 2023 you should take a look at our online instructions for each area that covers most issues.
Thanks Both, much appreciated!
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