Partnership tax return – defer loss

[IdaK]

Hi,

My partner and I registered a new small business in February 2019. It’s set up as a partnership with just the two of us as equal partners.
This year we’ve only had expenses related to the setup of the business and no income. Neither of us have other jobs or have had other income.

What is the easiest way to lodge our partnership tax return? Can you recommend a software to use?

Most importantly: How do we defer our losses to next year? Is that done on the partnership return?

Thank you!

[Paul – FS Concierge]

Hi and welcome to Flying Solo.

Hopefully some helpful members will be along soon with some advice to point you in the right direction.

Cheers

[bb1]

See an accountant

[Author]

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