Due to reduced business activity over the last year or so, my partner and I have decided to close our partnership business. We have a few items of equipment that are not yet written off, and my understanding is that we're obliged to sell these items on behalf of the partnership. As it would be handy to keep this equipment for personal use, is there any way I can buy these items from our own partnership?
Howdy @Mmiad68,
Yes, you can buy the equipment from your own partnership business.
Ensure that the sale is conducted at fair market value.
If your partnership is registered for GST, you will need to account for GST on the sale of the equipment. This means you will need to include GST in the sale price and issue a tax invoice.
If the equipment has been depreciated, you may need to account for any balancing adjustments.
Howdy @Mmiad68,
Yes, you can buy the equipment from your own partnership business.
Ensure that the sale is conducted at fair market value.
If your partnership is registered for GST, you will need to account for GST on the sale of the equipment. This means you will need to include GST in the sale price and issue a tax invoice.
If the equipment has been depreciated, you may need to account for any balancing adjustments.
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