Miscellaneous 2023

Partnership tips and traps

Source: Taxation In Australia Journal Article

Published Date: 1 Feb 2023


As the introduction suggests, most will have encountered partnerships in their professional life. For many though, that encounter is often limited to advising on a discrete issue and often only for the benefit of a partner as opposed to the partnership. These discrete issues are often identified and dealt with in contexts that are relevant for that issue only. This article attempts to identify a framework that advisers can use to better contextualise issues and appreciate how they can impact other aspects of the partnership and the partners. This is important as there is a lack of harmony in respect of partnerships, partnership interests, and how they are dealt with from a tax, duty and commercial perspective. This can be exacerbated by the fact that each state and territory has its own treatment of partnerships from a duty and commercial perspective. In that regard, this article only focuses on Queensland.

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Miscellaneous 2023

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