The Fun Books Partnership has five partners and operates book shops in Melbourne and in Fiji. Four
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Question:
During 2020/21 the Fun Books Partnership derived net income of $350,000 of which 80% relates to Australian book sales and 20% relates to Fiji book sales. Each of the four Australian partners is entitled to 22.5% of the net income of the Fun Books partnership and the overseas partner is entitled to 10% of the net income.
Question
Advise each partner on the tax treatment of their share of partnership net income.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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