Home – New Forums Money matters Dissolving partership

  • This topic is empty.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
  • #983503
    • Total posts: 8

    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?

    • Total posts: 450

    1. You need to clearly document the dissolution.
    2. There should be good commercial reasons for it.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.