The Fun Books Partnership has five partners and operates book shops in Melbourne and in...
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Accounting
The Fun Books Partnership has five partners and operates book shops in Melbourne and in Fiji. Four of the partners are residents of Australia, and one is resident in Los Angeles (US) and makes business decisions with the partners remotely.
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.
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