Reference no: EM133188919

Question - Partnership - Knowledge Questions - You have started your new internship role as the accountant assistant/bookkeeper at Synergy Financial Services, a firm that specialises in providing financial reporting, accounting and compliance advice. A new client has come to you, asking various questions about partnership related issues, legislation and legal requirements. Provide your response in Task 1-7 based on notes in the canvas learning content and Australian Tax Office financial legislation website, covering taxable transactions reporting requirements according to Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997.

Task 1: Does the partnership share income, losses and control of the business in each financial year?

Task 2: Do partners need to lodge individual tax returns each financial year?

Task 3: Even though a formal written partnership agreement is not essential for a partnership to exist, why is it still a good idea to create such an agreement?

Task 4: Does the partnership business pay income tax or is each partner taxed individually on their share of the profit or income derived from the business?

Task 5: Are there any differences in the way GST is recorded or reported (between a company and a partnership)?