6.4 Partnerships%28ppt%290.ppt

6.4 Partnerships%28ppt%290.ppt - ACIS 254: INTRODUCTION TO...

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1 ACIS 254: INTRODUCTION TO ACIS 254: INTRODUCTION TO TAXATION TAXATION Lecture 18: Taxation of Partnerships Lecture 18: Taxation of Partnerships Andrew Maples Senior Lecturer in Taxation and Business Law Department of ACIS University of Canterbury Christchurch
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2 WHAT IS A PARTNERSHIP WHAT IS A PARTNERSHIP 1. INCOME TAX ACT 2007 The term "partnership" is defined in the Income Tax Act 2007 (as amended). Section YA 1 provides that a “partnership” means: “(a) a group of 2 or more persons who have, between themselves, the relationship described in section 4(1) of the Partnership Act 1908: (b) a joint venture, if the joint venturers all choose to be treated as a partnership for the purposes of this Act [ITA 2007] and the Tax Administration Act 1994; (c) co-owners of property … [with specific exclusions noted]: (d) a limited partnership.”
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3 PARTNERSHIP” DEFINED PARTNERSHIP” DEFINED 2. PARTNERSHIP ACT 1908 Section 4(1): “. . . the relation that subsists between persons carrying on a business in common with a view to profit.” Three elements for partnership: (1) A business (defined in s 2 Partnership Act 1908 to include: “every trade, occupation or profession”), (2) Carried on with a view to a profit, and (3) By or on behalf of the parties.
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What is a Partnership? con’t What is a Partnership? con’t PARTNERSHIP INDICATORS 1. A partnership agreement 2. Input of capital and/or services 3. Use of a joint bank account 4. Joint registration of business
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This note was uploaded on 12/23/2009 for the course BCOM ACIS 254 taught by Professor Alistairhodson during the Spring '09 term at Canterbury.

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6.4 Partnerships%28ppt%290.ppt - ACIS 254: INTRODUCTION TO...

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