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  • June 5, 2013 at 2:42 am #983503
    merryfield
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    Hi all

    My wife and I run a cleaning and gardening business.

    We run it as a partnership, but want to dissolve the partnership and each run a separate business with different Abn’s. One business for cleaning and another for gardening.

    Will there be any issues with business assets, as I will be using my vehicle and gardening equipment in the new business… assets that were previously part of the partnership business.

    In the books, do I need to buy those assets from the previous partnership business?

    Appreciate any advice.

    Also we are hoping to both run each business under the $75000 threshold for GST. Will that be ok with the tax office, or will they look at our combined income for GST status?

    June 5, 2013 at 9:30 am #1142671
    PRO
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    1. You need to clearly document the dissolution.
    2. There should be good commercial reasons for it.

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