Partnership Tax Returns in Sydney
Running a business in partnership comes with unique tax obligations. At Tax Essentials Bankstown, we specialise in preparing and lodging partnership tax returns for clients across Sydney. Whether you’re a husband-and-wife team in Parramatta, a professional partnership in the Sydney CBD, or small business partners in Hurstville or Liverpool, we ensure your tax returns are accurate, compliant, and lodged on time.
Why Choose a Registered Tax Agent for Partnership Returns?
Partnerships must lodge an annual tax return showing:
Income earned by the partnership
Business expenses and deductions
Distribution of profit or loss to each partner
While the partnership itself doesn’t pay tax, each partner must declare their share of income on their individual tax return. Using a registered tax agent ensures:
Correct allocation of income and expenses
Maximum tax deductions claimed
BAS and GST compliance
No costly mistakes or ATO penalties
1. Partnership Tax Return Preparation & Lodgement
We prepare and lodge your partnership tax return with the ATO—accurate, efficient, and compliant.
2. Profit & Loss Distribution
We calculate and document profit or loss shares for each partner, ensuring transparency and compliance.
3. BAS & GST Support
If your partnership is registered for GST, we prepare and lodge your Business Activity Statements (BAS) quarterly or monthly.
4. Bookkeeping & Payroll
From Bankstown to Sydney-wide businesses, we manage bookkeeping, payroll, and Single Touch Payroll (STP) for partnership operations.
5. Business Advisory
We provide guidance on business structure, cashflow, and tax planning strategies to help your partnership grow.
Who We Help
Small family partnerships in Bankstown, Revesby & Greenacre
Professional partnerships (lawyers, consultants, trades) in the Sydney CBD
Retail, hospitality & service businesses in Parramatta, Liverpool, and Hurstville
Startups and contractors across Sydney & greater NSW
No matter where you’re located, our team provides Sydney-wide partnership tax return services with online and in-person support.
When starting a business in Australia, one of the first decisions you need to make is which business structure to use. Many small businesses choose to operate as a partnership, where two or more people share ownership, responsibilities, and profits.
At Tax Essentials Bankstown, we help entrepreneurs across Sydney and nationwide decide if a partnership is the right fit for their business.
1. Simple & Affordable to Set Up
Partnerships are generally cheaper and easier to establish compared to companies or trusts.
All that’s usually required is registering an ABN and a partnership agreement.
2. Shared Responsibilities
Workload and management duties are shared between partners.
Each partner can bring unique skills, resources, or capital to the business.
3. Flexibility in Profits & Losses
Partnerships allow profits (or losses) to be split between partners according to the agreement.
This can make tax planning more flexible, especially for small businesses in Bankstown and across Sydney.
4. Combined Skills & Capital
Two (or more) people means more financial resources to invest and a wider range of expertise to run the business.
Many family businesses and professional firms (like lawyers, trades, or consultants) operate under a partnership model.
5. Tax Advantages for Small Businesses
The partnership itself doesn’t pay tax—profits are distributed to partners, who report income individually.
Partners may also benefit from the small business tax concessions.
While partnerships are popular, they also have limitations:
Unlimited liability – partners are personally responsible for business debts.
Shared decision-making – disagreements between partners can cause issues if not managed properly.
Limited growth potential compared to companies if you want to attract investors.
This is why having a partnership agreement drafted is essential, and why ongoing advice from an accountant is recommended.
Frequently Asked Questions About Partnership business structure
Q: Do partnerships pay tax directly?
No. The partnership lodges a tax return, but profits or losses are distributed to partners, who declare them in their individual returns.
Q: What happens if we don’t lodge a partnership tax return?
The ATO can apply penalties and interest. Lodging on time through a tax agent avoids issues.
Q: Can you help if one partner is outside Sydney?
Yes. We support Sydney partnerships and nationwide businesses with remote and online tax services.
Need help with your partnership tax return in Sydney?
Contact Tax Essentials Bankstown today for professional, affordable partnership tax services.
Your trusted Sydney-wide tax agent—local in Bankstown, supporting partnerships everywhere.
- Phone: (02) 9793 1547
- Email: admin@taxessentials.com.au
- Location: 8 66/72 Rickard Rd, Bankstown NSW 2200