This document provides an explanation of the net income of a partnership for the 2018/19 financial year, according to Australian taxation law. It references key sections of the Income Tax Assessment Act (ITAA) 1936 and 1997, including discussions on partnership tax returns (Section 91), the treatment of partnership losses (Section 92(2)), and the division of net income among partners (Section 90). The explanation also covers the deductibility of interest paid to partners, referencing the FCT v Harris (1980) case, and clarifies the non-deductibility of partner salaries. Furthermore, it distinguishes between superannuation contributions for partners and administrative staff, highlighting the conditions for individual partner deductions under Section 290-150 and the deductibility of contributions for administrative staff as a business expense.
![[object Object]](/_next/static/media/star-bottom.7253800d.svg)
