Partnership front cover

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

• Item 1 - Main Business Activity

• Item 2 - Status of Business

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.