I formed a partnership 6 month ago, with a ABN and a registered bussiness name. It is a very small affair, it has less than $1000 capital in total (across all partners).
So far it has just lost money, in developing a product. The product hasn't yet eventuated into something sellable. It might later, it might not. The money (and time) in the partnership was always just what I could afford to lose for the experience.
Australia partnerships are not a taxable entity, any income or loss is transferred to the personal tax of the owners. Since the partnership has made no income and thus I have made no income from the partnership, and I don't wish to make any deductions based on my losses from the partnership (I've already maxed out my deductions to be paying no tax due to being on a low income from my day job expenses.)
So do I need to include anything regarding the partnership on my Tax Return?