Partner system is not a legal entity, each partner must take personal responsibility for profits and losses associated with the partnership business.
Each member of the partnership commits to pay their own superannuation, but if the business hire others, they must pay superannuation for employees.
Each member of partner shares profit and loss.
Partnership must have its own TFN and ABN.
End of financial year, partnership must distribute profit or losses to each members according the share structure as individual income. Partnership itself doesn’t have tax. Business partner in the case itself does not need to generate profits tax
It must register GST if partnership business annual turnover generates more than $75,000.