Do Your Partnership Tax Return Online with a CPA
If you operate your business as a partnership, the partnership lodges a partnership tax return, reporting the partnership’s net income (assessable income less allowable expenses and deductions). As an individual partner, you report on your individual tax return:
- your share of any partnership net income or loss
- any other assessable income, such as salary and wages (shown on a payment summary), dividends and rental income.
The partnership doesn’t pay income tax on the income it earns. Instead, you and each of the partners pay tax on the share of net partnership income you receive.