We'll tell you when you need to file, along with tax tips and updates.
What is the definition of Partnership?
A partnership is an association between 2 - 20 people who are contractually bound to one another in order to operate a joint, profit-making business together. Each member of the partnership contributes their money, goods or services to a shared fund, agreeing that any profits made will be shared between the partners as per a contract between them. A partnership does not have to be registered with the companies registrar CIPC. Partners in a partnership are taxed on their percentage of the taxable income of the partnership. This income needs to be disclosed to SARS.
Get FREE Help with your Tax Return today from
TaxTim's award-winning tax return services are now free to all Momentum policyholders and Multiply clients:
Do Your Tax Return Easily
Maximise your refund