Complete and lodge partnership tax returns progressively so there is sufficient time to allow lodgment of the partners’ tax returns by their lodgment due date.
Partnerships that operate on approved substituted accounting periods (SAPs) must lodge their 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 your client is an individual and the only income derived jointly (or in common) with another individual was:
- rent from a jointly owned property
- interest from a jointly held account in a financial institution
- dividends from jointly held shares
- and were not in a partnership carrying on a business.
In these instances, each partner is required to include details of all relevant income, expenditure and deduction items, as well as distribution details in their own tax return.
Do not lodge a partnership tax return if the partnership was a subsidiary member of a consolidated group for the full income year.Find out when you need to lodge a partnership return for your clients and the due date.