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    This chapter provides information on partnerships, as reported on their partnership tax returns. A partnership is a relationship between separate persons carrying on a business with a view to profit, and for tax law purposes also includes persons in receipt of income jointly. Each partner contributes towards the partnership and shares in the profits or losses and responsibilities.

    A partnership does not pay tax in its own right. Instead each partner pays tax on their share of the net partnership income at their individual tax rate (or claims a deduction for their share of any partnership loss). All shares of capital gains or losses relating to capital gains tax events for partnership assets must be disclosed on the partners' tax returns.

    A partnership requires a tax file number and must lodge a tax return at the end of the income year. All income earned and deductions claimed for expenses incurred in earning income for the partnership must be shown on the tax return. Although this return is simply an information return, it provides the basis for determining each partner's respective share of the net partnership income or loss.

    Overview

    For the 2009-10 income year:

    • 382,398 partnerships lodged returns, a decrease of 2.7% from 2008-09
    • total net income or loss of $19.3 billion was reported by partnerships, a 3.7% decrease from 2008-09
    • partnerships reported total business income of $159.5 billion, a 3.2% decrease from 2008-09
    • total partnership expenses were $142.8 billion, a 3.3% decrease from 2008-09.
     
      Last modified: 01 May 2012QC 25367