Managing finances for a partnership can be complex, especially when it comes to fulfilling your annual tax obligations. At UV Tax, we provide reliable and accurate Partnership Tax Return services for business partners in Truganina, Point Cook, and across Victoria. From preparing the partnership tax return to helping each partner report their income correctly, we ensure full ATO compliance with maximum tax efficiency.

🤝 What is a Partnership Tax Return?

A partnership is a business structure where two or more people (or entities) run a business together and share profits and losses. Although the partnership does not pay income tax itself, it must lodge a Partnership Tax Return (ATO Form P) to declare:

• Total business income

• Business expenses and deductions

• Net profit or loss

• Each partner’s share of income, losses, and credits

Each individual partner must then include their share of the net income in their personal or business tax return and pay tax accordingly.

📋 What’s Included in Our Partnership Tax Return Services?

At UV Tax, we manage everything from start to finish:

• ✅ Preparation and lodgement of the ATO Partnership Tax Return (Form P)

• ✅ Accurate profit/loss distribution among partners

• ✅ Review of income and deductible expenses

• ✅ GST and BAS integration if applicable

• ✅ Capital gains and asset depreciation reporting

• ✅ Calculation of partner drawings, loans, and equity

• ✅ Assistance with each partner’s individual tax obligations

• ✅ ATO communication and audit support (if required)

🧾 Key Considerations for Partnership Tax Returns

• Partnerships must have a separate TFN and ABN

• Each partner is personally liable for debts

• Tax is paid by partners individually, not by the partnership

• A Partnership Agreement (oral or written) should outline the profit-sharing ratio

• GST registration is required if annual turnover exceeds $75,000

💡 Why Professional Help Matters

Filing a partnership tax return requires a clear understanding of both partnership taxation laws and individual income reporting. Errors in distribution, deductions, or record-keeping can lead to ATO penalties and misreported income.

By choosing UV Tax, you benefit from:

• 🧠 Experienced Accountants with partnership-specific tax expertise

• ⏰ Timely Lodgement to avoid penalties or late fees

• 📊 Accurate Profit Splits & Capital Allocations

• 💼 Ongoing Support for business growth and tax planning

• 💬 Clear Communication with each partner

✅ Who Should Lodge a Partnership Tax Return?

If you operate a business with another person or entity (not as a company or trust), you are legally required to lodge a Partnership Tax Return. This applies to:

• Business partners (retail, hospitality, professional services, trades, etc.)

• Investment property partnerships

• Family-run partnership businesses

• Joint ventures (depending on structure)

📆 When is it Due?

• Standard due date: 31 October

• Extended due date: If lodged through a registered tax agent like UV Tax, extensions may be available