Partnerships - Easier than you think? convention paper

Published on 13 Mar 04 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

When is a partnership not a partnership and if it isn't what should you be doing? If it is, are you sure you are doing it correctly? How do joint ventures properly fit in? This convention paper looks at the various tax issues that need to be considered in creating, dealing with and ending tax partnerships and/or law partnerships so the tax results are correctly understood and applied.

The paper considers the effects of:
- tax law partnership v general law partnership
- CGT (including the small business concessions)
- GST (including registration of the correct entity/ies)
- stamp duty
- losses
- alienation.

This paper was also presented on 11 September 2004 at the Victorian/Tasmanian State Convention held in Launceston.

Author profile

Michael Butler CTA

Michael is the Partner in charge of the Finlaysons Tax & Revenue Group. Michael advises domestic and foreign clients on federal, international and state tax matters, and has a special interest in corporate restructurings, cross-border investment, property, wine and mining taxation, trusts, and estate and succession planning. Michael is a past chair of The Tax Institute’s South Australia State Council and a regular contributor to Institute events. - Current at 22 February 2021

More by Michael BUTLER

• The increasing use and threat of section 100A - 01-October-2020
• Trusts: Vesting, ruling from the grave, splitting, cloning, umbrella and master trusts, and more! paper - 08-November-2018
• Extreme tax structures for property developers paper - 30-July-2018
• Plenary 2: Trusts - vesting, ruling from the grave, splitting, cloning, umbrella & master trusts & more! paper - 16-November-2017
• Vesting trust deeds & extending vesting dates paper - 05-May-2016
• Vesting trust deeds paper - 18-March-2015
• Difficult practical property tax issues or 25 things I hate about property tax! paper - 26-March-2014
• Difficult practical property tax issues or 25 things I hate about property tax! paper - 21-February-2014
• State tax reform: State taxes reform: A practitioner’s viewpoint - 01-April-2013
• Future of trusts – The Division 6 facelift and other new developments paper - 03-May-2012
• Sale of property assets – Achieving a completely legal CGT wipe-out paper - 03-February-2012
• Property structures paper - 02-March-2011
• Total tax wipe-out: Contentious deductions paper - 28-October-2010
• Trusts – Extending the vesting date - 01-September-2010
• Trusts - Extending the vesting date paper - 19-August-2010
• Keeping modern trusts relevant: Getting trust distributions right after Bamford and Cajkusic paper - 17-August-2010
• Tax and goodwill: Practical issues paper - 06-May-2010
• Voluntary liquidation - Getting the money & assets out of a company paper - 27-August-2009
• Protecting discretionary trusts following Richstar, Cummins and Spry paper - 04-August-2009
• Property & Division 152 CGT reliefs paper - 23-March-2009
• Getting trust distributions right after Cajkusic paper - 25-September-2008
• Avoiding the vesting day: Trusts domiciled in South Australia paper - 25-September-2008
• Extreme tax structures for property developers paper - 19-February-2008
• Holding land through trusts paper - 03-May-2007
• GST and property paper - 06-February-2007
• Property development and subdivision case studies - 28-October-2006
• Property development and subdivision: income tax, CGT and GST implications paper - 14-February-2006
• Tax and copyright seminar paper - 18-February-2005
• Contentious Deductions Case Studies - 17-October-2003
• The Commissioner's big black dog 10 years on - practical update on Part IVA - 15-August-2001
• In practice: Franchise fixings: Part 2 - Goodwill and compliance - 01-February-1997
• Franchise fixings: Part 1: structures and fees - 01-December-1996
• Franchising - Jim, Wendy and the Commissioner - 28-March-1996

Click here to expand/collapse more articles by Michael BUTLER.