First Principles of Business Law
Business organisations in Australia

5. Partnerships

Question 8. How are the profits that are made by a partnership taxed?

 

 

 

Read the statements below and select the best one.

(a) Partnerships are taxed at the same rate as companies. Taxes on profits are paid by the firm before the profits are distributed to the partners.

(b) A partnership does not pay taxes on the profits that it makes: the relevant tax is paid by the individual partners, according to the share they receive and their individual marginal rate of tax.

 

 

 

 

 

 

 

 

  
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