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Partnership tax return required if nil income?

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Newbie

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Replies 3

If an individual has no income for the FY they need to complete a non-lodgement advice to the ATO.  Does the same policy apply to a  Partnership which has had nil income, or does the Partnership simply do nothing?

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Best answer

Devotee

Replies 0

Looks like you are required to lodge. Its how they confirm/match the income or loss you report on your own tax return as a partner of the partnership.

A partnership is not a taxable entity, but it must lodge a tax return at the end of each income year. Partners are taxed on their share of the profits of the partnership or are entitled to a deduction for their share of the losses incurred by the partnership as disclosed in their own tax returns.

https://www.ato.gov.au/Forms/Partnership-tax-return-instructions-2013/?page=15
3 REPLIES 3
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Champion

Replies 2

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Newbie

Replies 1

No unfortunately that page doesn't address Partnerships
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Best answer

Devotee

Replies 0

Looks like you are required to lodge. Its how they confirm/match the income or loss you report on your own tax return as a partner of the partnership.

A partnership is not a taxable entity, but it must lodge a tax return at the end of each income year. Partners are taxed on their share of the profits of the partnership or are entitled to a deduction for their share of the losses incurred by the partnership as disclosed in their own tax returns.

https://www.ato.gov.au/Forms/Partnership-tax-return-instructions-2013/?page=15