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The termination of a partnership is called a ‘dissolution’. Dissolve the partnership agreement and distribute any money and assets accordingly. Each partner’s share of income or loss from closing the partnership must be included in each partner’s individual tax return.
A final partnership tax return will need to be lodged.
Each partner will need to retain documentation to substantiate the cost base of their respective interest in the partnership for capital gains tax purposes.
Last modified: 08 Sep 2022
Closing your small business
Steps | Progress | ||||
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Make a plan |
2 mins | ||||
Closing your business |
4 mins | ||||
Finalise your tax and super obligations |
17 mins | ||||
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Selling or closing your business records |
2 mins | ||||
Small business support |
10 mins | ||||
Related courses |
1 mins | ||||
Course Feedback |
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