For the purposes of income and assets assessment, a partnership is the relationship that exists between people carrying on business in common, with a view to making a profit. A partnership agreement may be oral or written.
It is important to note that FTB is not assets tested.
The business may be run:
The business is not a separate legal entity, which means that although the partnership lodges a tax return, the profit or income is assessable in the hands of the individual partners.
Last reviewed: 6 April 2009