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James Millar
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If you are using a partnership structure (check that you registered the ABN as a partnership) then the partnership will lodge a tax return each year. You should have received a TFN with the ABN.

Unless the partnership agreement states otherwise you will be splitting income equally between the partners. Whilst the partnership lodges activity statements and income tax return it’s not an income tax paying entity. Tax is paid in the partners individual income tax returns. If losses distributed you may be eligible to claim those against other income provided you meet non commercial loss requirements. You may also be entitled to the entrepreneur tax offset if the turnover is sufficiently low. Its a daily minor benefit but worth looking at.

Hope this helps.

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900