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    Hi everyone,

    I’m in the process of forming a business partnership with three of my friends, and I have a few questions regarding partnership taxation and registration. I would greatly appreciate any insights or advice you can provide.

    1. Offsetting Income Against Losses: Can we offset our main income against losses from our business in a partnership structure?

    2. Carrying Forward Losses: If offsetting against income is not possible, can we carry forward the loss to future financial years?

    3. ABN for the Partnership: Is it possible to obtain an Australian Business Number (ABN) for the partnership? If yes, what are the prerequisites? Do we need to have a partnership agreement signed?

    4. Claiming Costs without ABN or Registered Partnership: If we incur any costs before registering an ABN or partnership, can these costs still be claimed in the future when the partnership is registered?

    I appreciate any material or resources you can provide to help us understand the process that we need to go through. There is so much information available, and it’s not clear where to start. Thank you!

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