Business Partnership Accounting Central Coast
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Central Coast Partnership Accounting
NLJ Partners provides business partnership accounting and tax services across the Central Coast from our Wyong office, with tailored support that meets ATO reporting and compliance requirements.
Income Allocation & Tax Returns
Each partner’s share of the business income must be reported accurately. We prepare the partnership tax return and assist partners in meeting their individual tax obligations.
Ongoing Reporting & Compliance
We help partnerships meet annual reporting and record-keeping requirements, including income and expense tracking, bank reconciliations and financial statement preparation.
Support with Partnership Changes
If a partner joins or leaves the business, there are specific accounting and legal steps to follow. We help manage these transitions with appropriate reporting and compliance.
What Our Clients Say
Accurate Reporting for Partnerships
We assist with the preparation of financial statements, profit-sharing calculations and ATO reporting, ensuring your partnership remains compliant throughout the financial year. This includes detailed tracking of income, expenses, partner contributions and withdrawals.
Our services also include reviewing partnership agreements to ensure financial arrangements are correctly reflected in accounting records. We can assist in allocating profits according to set ratios, managing partner equity accounts and preparing supporting documentation for audits or finance applications.
Our process supports transparency, consistency and smooth tax lodgement for all partners. Call (02) 4393 2733 to learn more about how we can support your partnership. We proudly offer virtual consultations for remote clients.
Frequently Asked Questions
What is a partnership tax return and who lodges it?
A partnership tax return reports the income, deductions and net profit (or loss) of the business as a whole. Although the partnership does not pay income tax, each partner must report their share of the net income on their personal tax return. The partnership itself must lodge an annual tax return with the ATO, detailing financial activity and how profits or losses are divided between partners. Lodging this return ensures the ATO receives a full overview of the partnership’s operations and confirms that each partner is meeting their obligations.
How is income divided in a business partnership?
Income is usually divided according to the partnership agreement, which outlines each partner’s percentage share. This agreement must be supported by clear records and reflected in the partnership’s financial statements. If no formal agreement exists, income is generally split equally. Each partner is taxed individually on their share of the net income, regardless of whether it was physically distributed.
What accounting records should partnerships keep?
Partnerships must maintain records of all income and expenses, bank statements, invoices, receipts, payroll records (if applicable), and any changes in partner contributions or withdrawals. They also need to retain a copy of the partnership agreement and detailed financial reports. Records must be kept for at least five years to meet ATO requirements and support audit processes.
What happens when a partner joins or leaves the business?
Changes in partnership structure—such as a new partner joining or an existing partner exiting—can trigger tax and legal implications. The existing partnership may need to be restructured or wound up, depending on the terms of the agreement. Accurate financial reporting is needed to finalise accounts and update the ATO. Professional advice is recommended to ensure the change is managed correctly.
