Accountants for partnerships

The best accounting advice for partnerships

Liston Newton Advisory
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

Looking for advisors with the experience to get the job done right? We've been helping partnerships like yours for the past 40 years.

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Full range of services

Our suite of accounting and financial advisory services is designed to support your goals with maximum efficiency.

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Long-term relationships

We don't just help you structure and set up processes. Our ongoing accounting services can help you now and far into the future.

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Championing innovation

We embrace the latest advancements in software and technology to support your partnership accounting requirements.

Learn more about your business with our comprehensive guides

At Liston Newton Advisory, we take pride in helping business owners get more out of their hard work. Our downloadable guides can give you an in-depth look at strategies and technologies that will help your business grow.

  • Discover tax strategies and business structures available to you
  • Understand and apply new business management technology
  • Get in touch with us for information tailored to your business

Work with us with confidence and support. We're a Xero Platinum 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 | Consultant

Our team

We have worked with Liston Newton's Accountancy 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

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

What is a partnership business structure?

In Australia, a partnership business structure is when two or more people act as co-owners in a business and share income with each other. For a partnership business, advantages include that they are cheaper to set up than a company, and profits do not have to be disclosed publicly.

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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