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Business partnership accounting
Understand the advantages and tax implications of business partnership
Liston Newton Advisory
Liston Newton Advisory is rated from 32 reviews
Award-winning advice from partnership accounting specialists
40 years of experience
Looking for advisors with the experience to get the job done right? We've been helping partnerships like yours for the past 40 years.
Long-term partnerships
We don't just help you structure and set up processes. Our ongoing accounting services can help you now and far into the future.
Full range of services
Our suite of accounting and financial advisory services is designed to support your goals with maximum efficiency.
Innovation leaders
We embrace the latest advancements in software and technology to support your partnership accounting requirements.
We offer tailored, data-backed and tested business partner advice
If there’s one truth we’ve learned in this industry, it is that business is always personal. It has to be, for owners to invest their efforts and take on so much risk. That’s why we’ve always felt that a solid partnership can be such a rewarding endeavour; it’s a structure built on a foundation of mutual trust, respect and ambition. But it has its risks.
Liston Newton’s business structure advisors will help you to understand the values of this structure, your obligations as a partner, the liabilities you might face, and the diligence required to stay secure and profitable.
We can help you understand:
- The pros and cons of a partnership structure
- BAS returns
- Precise bookkeeping
- GST requirements
- Partnership business tax compliance
Discover the most tax-effective structure for your business
Setting up a partnership may be the best choice for an SMB that values its agility and autonomy, and that doesn’t want to deal with the the clatter of a board of directors. Partnerships also have the benefit of not being taxed at the corporate rate, with each partner instead paying at their individual rates.
But before you settle on this structure, you need to consider your business ambitions, how much you want to see your business grow, and how you plan to reach that goal. You might find that that the nuanced benefits of other business structures suit your needs better. Before you make your decision, we’ll help you understand these other structures in detail:
Get answers from our specialised business partnership accountants
Talk to us
Our bona fides
We’ve earned accreditations and partnerships with major Australian and global accounting bodies.
“Liston Newton Advisory have given us the clarity we needed to grow our business.”
Kieran Liston and the Liston Newton team have been assisting me with my accounting matters since 1976. For the past 47 years, Kieran and the Liston Newton team have provided reliable accounting assistance, which has allowed me to focus on my business in primary production.
Their exceptional service has consistently exceeded my expectations and made me feel that they truly care about my financial well-being.
Liston Newton has given me really helpful guidance over the years for both my business and my personal finances. When you have an accounting team that you trust to give the right advice, it gives you the confidence to focus on growing your business and doing the things you love.
Liston Newton helped us move our accounting over to Xero. Their Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
Free downloadable guide
We take pride in helping business owners get more out of their hard work. Our downloadable guide can give you an in-depth look at strategies that will help you get the right structure and grow your business.
- Structure your business for ongoing success
- Find the right structure for your business
- Understand tax and accounting implications
Get the guide
We’ve been business partner accountants for nearly half a century
Of course, we’re always excited to see our clients thrive, but there’s something extraordinarily gratifying about watching a partnership thrive. Perhaps it speaks to the partnership that formed Liston Newton in the first place.
For over 40 years, we’ve been helping ambitious entrepreneurs and established owners build strong and lasting foundations for their businesses. Many of our clients choose to stay with us for a decade or more, so we’re confident we can help you achieve something truly extraordinary with your business.
The benefits of a Liston Newton partnership
- 40 years of industry experience
- Award-winning financial management services
- Guaranteed ATO compliance
- Xero Platinum partner
- Tailored business advisory offerings
Meet your team
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Our methodology for strengthening business partnerships
We consider your short- and long-term business goals and provide the best ongoing advice to help your partnership flourish. We call our methodology Get Set, Get Moving, Get Free, and it helps us sustainably grow your business and protect your financial freedom. Here’s how it works:
Get set
We’ll start with the basics by settling your numbers and minimising your risks.
Get moving
Let’s get more ambitious and start setting long-term strategies for growth in motion.
Get free
With your business secured, we’ll also help you manage your personal wealth.
Case studies
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Business Structures
Papermill Media
We restructured Papermill Media and moved them to cloud accounting. Papermill was listed at number 43 in the Australian Financial Review's Fast 100 List in 2017.
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Business Structures
Australian Migration Lawyers
In 2022, Liston Newton began working with Australian Migration Lawyers (AML). AML is Australia’s largest independent migration law firm and is dedicated to providing flexible, compassionate and professional legal support for businesses and individuals navigating Australia’s complex migration system.
Take a lookOur locations
We provide accounting advice for business partnerships anywhere in Australia. Whatever state or territory you’re in, we’ll gladly visit your offices for a meet-and-greet and then set up regular virtual check-ins for your convenience.
Learn more about business structures
Frequently asked questions
How will my business taxes change if I change to a partnership structure?
Under a partnership structure, your business is required to lodge a tax return. However, each partner must also pay tax on 50% of their partnership’s net income. For more details, we’ve written a comprehensive guide on how tax changes under different business structures.
How do I start a partnership?
A written agreement brings a partnership into being. Once done, you will then need to:
- register a business name;
- obtain an Australian Tax File Number and an Australian Business Number.
If your partnership has revenue in excess of $75,000 per year, it may also be necessary to register for GST.
What is a partnership business structure?
In Australia, a partnership business structure is when two or more people act as co-owners in a business and share income. For a partnership business, advantages include that they are cheaper to set up than a company, and profits do not have to be disclosed publicly.
What happens if a partnership's members change?
A partnership ceases to exist every time there is a change in membership. If you wish to add or remove individuals from the partnership, you must dissolve the present partnership and create a new one. This is done by executing a new partnership agreement.
Should I hold assets in a partnership?
Generally no. A partnership is not an effective vehicle for holding or amassing appreciating assets. This is because a change in the Partnership has certain capital gains tax implications.
What are the tax benefits of a partnership?
Partnerships can be a good tax structure to minimise tax, because a partner can use any losses to offset income earned from other sources.
What are the potential downsides of a partnership?
- Tax is charged at the personal tax rate, so when business earnings increase, so does the tax rate.
- Partners cannot transfer their ownership to someone outside the partnership unless the other partner(s) agree.
- All partners are personally responsible for the debts of the business, and each partner is individually liable for debts incurred by the other partners. This is known as being 'jointly and severally' liable, or having 'unlimited liability'.
Connect with a partnership accountant
For the right partnership accounting advice, Liston Newton Advisory is at your service.
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