Very common amongst husband & wives where one of the partners is the business while the other is the home parent but looks after the administration side of the business.

The partnership allows the business to split the income between the partners so that the income is not taxed solely in the hands on partner. The other partner should be duly rewarded for the administration of telephone calls, MYOB, Sassu or other bookkeeping recording thereby not only saving tax but being taxed accordingly.

There are other more complex partnerships which could for example be partnerships of companies or trusts which could be used for a particular short term venture or contract.

Contact our professional team today for a quote for a tailored package of services for your business! BWD Accountants is located in the Northern Beaches, Sydney and we would love to meet you!