Skip to main content

Planned myIR outage We’re carrying out maintenance work on myIR over the weekend, and there may be an outage or disruption of service between midnight and 4am Sunday morning.

Budget 2024 | The Government has confirmed changes and provided more information on FamilyBoost. Find out more: FamilyBoost

Budget 2024 | The Government has confirmed changes to personal income tax, the independent earner tax credit, in-work tax credit, and the minimum family tax credit. Find out more: Personal income tax threshold changes

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.

Last updated: 10 Nov 2020
Jump back to the top of the page