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Partnerships are two or more people who join to run a business. Each partner contributes something to the business and shares the profits and losses.

Tax Summary

Partnerships hold an IRD number for the entity itself, but the partnership does not pay income tax. They need to complete a Partnership income tax return (IR7) to allocate the profits or loss to its partners.

Partners declare the profits or loss they have received through the partnership in their personal income return using their own IRD numbers.

Partnerships need to register and pay GST if their turnover is more than $60,000 a year.