A really big accountancy firm are thinking about a significant direct investment into Australia in 2021 but they are unsure about what legal form to use. You are a tax consultant and they have asked you to explain, in a memo, the relative strengths and weakness of the tax regime for partnerships and companies. They know the non-tax law implications of adopting one of other form but they have come to you specifically to understand the relative merits of the tax system in relation to each option.