Accountants for partnerships

The best accounting advice for partnerships

Liston Newton Advisory is rated 4.8 from 32 reviews

Specialist accountants for partnerships

While being relatively easy and inexpensive to create, a partnership business structure can require some skilful management when it comes to taxation and accounting.

With each partner paying tax on the share of the net partnership income received, and with tax being charged at the personal tax rate (which goes up as earnings increase), it can be tricky to correctly respond to your obligations.

We can help with advice on:

Business structures
Tax compliance and returns
BAS returns
GST requirements
Bookkeeping

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Expert accounting advice for partnership structures

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Proven experience

With more than 40 years of experience, our team has the in-depth knowledge to help your business partnership succeed.

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Full range of services

We offer a comprehensive range of services, so we can help you with every aspect of your business's financial health.

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Long-term relationships

We work with our clients on a long-term basis because that's the best way to help you achieve your long-term goals.

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Championing innovation

Innovation is driving the accounting industry. We use the latest technology and software to help business partnerships grow.

Work with us with confidence and support. We're a Xero Gold partner.

Meet our partnership accountants

We're here to guide you through the intricacies of partnership tax and accounting.

Our experienced team can assist with everything from implementing the right processes, to every aspect of your ongoing tax and accounting obligations.

Choose the best accounting partners to help you take your partnership business from strength to strength.

Kieran Liston, Director | Adviser

Our team

We have worked with Liston Newton's Accountants and Advisory Team for over a decade. During that time, our business has grown substantially both organically and through purchases. This wouldn’t have been possible without Liston Newton Advisory to assist with our business planning, providing proactive advice and ensuring our accounts were always compliant in a complex and volatile industry.
Karsten Horne
CEO, Reho Travel
Liston Newton's Accountants analysed our financial and business situation and helped us implement strategies to improve our position. Their strategies turned our business from making a loss, to recording a 6-month net profit of 36 per cent. And we are now on track to show a 240 per cent increase in turnover over the next financial year.
Lisa Clarke
SL Constructions
Liston Newton helped us move our accounting over to Xero. Their Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
Peter Luskan
Pandora

Our partnerships methodology

Not only do we consider your short and long-term business goals, but we also provide the best ongoing advice to help your partnership flourish.

Our unique methodology is based on sustainable, progressive growth that measures your progress as we go.

Learn more about our methodology
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We're some of the most qualified partnership accountants around

Choose the advisors with all the qualifications and experience to help you excel.

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Connect with a partnership accountant

For the right partnership accounting advice, Liston Newton Advisory is at your service.

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Frequently asked questions

How do I start a partnership?

A written agreement brings a partnership into being. Once done, you will then need to:

  1. register a business name;
  2. obtain an Australian Tax File Number and an Australian Business Number.

If your partnership has revenue in excess of $75,000 per year, it may also be necessary to register for GST.

What happens if a partnership's members change?

A partnership ceases to exist every time there is a change in membership. If you wish to add or remove individuals from the partnership, you must dissolve the present partnership and create a new one. This is done by executing a new partnership agreement.

Should I hold assets in a partnership?

Generally no. A partnership is not an effective vehicle for holding or amassing appreciating assets. This is because a change in the Partnership has certain capital gains tax implications.

What are the tax benefits of a partnership?

Partnerships can be a good tax structure to minimise tax, because a partner can use any losses to offset income earned from other sources.

What are the potential downsides of a partnership?
  • Tax is charged at the personal tax rate, so when business earnings increase, so does the tax rate.
  • Partners cannot transfer their ownership to someone outside the partnership unless the other partner(s) agree.
  • All partners are personally responsible for the debts of the business, and each partner is individually liable for debts incurred by the other partners. This is known as being 'jointly and severally' liable, or having 'unlimited liability'.

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