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Partnership front cover

The information includes:

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.

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