Unit 4: Tax Compliance for Partnerships & Joint Ventures - 2024

This session gives an overview of partnerships and JVs, plus general topics such as those relating to employees and payroll.

Includes a partnership tax return demo on Xero Tax.

In this unit, we cover:

• Partnerships 101

• Joint Ventures 101

• Summary comparisons of legal and tax implications of partnerships vs joint ventures

• Selected accounts:

  • Formation costs and blackhole expenditure (Section 40-880)

  • Depreciation & Capital Works

  • Depreciation & Motor Vehicles (Car limit)

  • Prepayments & Insurance

  • Fringe Benefits Tax (FBT) & Entertainment

  • Salaries & Wages expense

  • Superannuation expense

  • Other costs of employment

• Tax reconciliation for partnership

Dates recorded: 27 & 29 February 2024