Lodgment program 2011-12 - details of the program

Partnerships

Partnership returns should be completed and lodged progressively. These returns should be lodged in sufficient time to allow lodgment of the partners' returns by their lodgment due date. Partnerships that operate on approved SAPs must lodge their 2010-11 income tax return by the last day of the fourth month after the close of the accounting period adopted.

Do not lodge a partnership tax return where you were not in a partnership carrying on a business and the only income derived jointly (or in common) with another person was:

• rent from a jointly owned property
• interest from a jointly held account
• dividends from jointly held shares.

In these three instances, each person shows their share of the income and expenses at the appropriate items on their own tax return.

Do not lodge a partnership tax return where:

• the partnership was a subsidiary member of a consolidated group for the full income year
• an application for exemption from lodging a partnership tax return has been approved by us.

We may grant an exemption if each partner gives an undertaking to provide details of all relevant income, expenditure and deduction items, as well as distribution details, on their own tax return.

The application for exemption must confirm that the partners have authorised their tax agent to show information pertaining to the partnership on each partner's tax return. If granted, an exemption applies to all future year tax returns until the partners or we cancel the exemption.

We will not grant an exemption if a partner is claiming a credit for amounts withheld under the no ABN withholding rules from payments made to the partnership.

Sections within Client type - income tax returns

• Individuals and trusts
• Partnerships
• Companies and super funds
• Large/medium business taxpayers
• Consolidated groups
• Substituted accounting periods
• Taxpayers with overdue income tax returns
• Taxpayers with a lodgment prosecution