Partnership front cover
See Completing page 1 of the partnership tax return on the ATO website.
The information includes:
front-cover details for the partnership
interposed entity election status
interposed entity revocation
family trust distribution tax (FDT)
TFN of former partnership
Keep the following records for the partnership:
A copy of the partnership agreement; if none exists, a copy of the partnership's certificate of registration; if none exists, documentary evidence that partners were carrying on their activities as a partnership.
Commencement date of the partnership or the date of reconstitution.
Detailed statement of assets and liabilities.
Details of each partner's capital accounts and sources of capital contributed.
Details of each partnership bank account including:
the name and number of the account
the bank and branch at which it is kept
the date the account was opened
the names of the people authorised to operate the account and the date of such authorisation.
The family relationship of the partners and, if the partners are husband and wife, details of the nature and extent of the services rendered by each to the partnership.
Whether the partners own jointly or in common, any property from which they get interest, dividends, rents or royalties.
The name in which business contracts are made.
Details of any services rendered in the production of assessable income by a partner under 18 years old, or by a beneficiary under 18 years of age in a trust where the trustee is a partner - details must include the nature, extent and value of the services rendered.
Whether the partnership is constituted or conducted such that any partners cannot, of their own will, deal with any part of their share of the partnership income.
Whether any partners are required to use any part of their share of the profits to meet any debt to another person.
Records that show the partners have met the choice of superannuation fund employer obligations.
CCH References
5-000 A partnership for income tax purposes
8-000 Overview of the group consolidation regime
13-050 Superannuation funds
13-100 Complying and regulated fund status
22-630 Transfer pricing records, penalties and thresholds
22-640 International cooperation on transfer pricing
30-200 Multinational tax avoidance