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    Partnership chapter

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    This chapter provides information on partnerships, as reported on their partnership tax returns. For tax purposes, a partnership is an association of people who carry on a business as partners or receive income jointly.

    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.

    Attention

    Overview

    For the 2010-11 income year:

    • 369,999 partnerships lodged returns, a decrease of 3.2% from 2009-10
    • total net income or loss of $24.3 billion was reported by partnerships, a 25.6% increase from 2009-10
    • partnerships reported total business income of $150.3 billion, a 5.8% decrease from 2009-10

    total partnership expenses were $130.6 billion, an 8.6% decrease from 2009-10.

    End of attention
      Last modified: 03 Mar 2014QC 33846