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L Tony Long 0 Sudan Admir run a partnership that provides IT services to businesses. The financial report for the partnership to 30 June 201?
L Tony Long 0 Sudan Admir run a partnership that provides IT services to businesses. The financial report for the partnership to 30 June 201? discloses a net income of $95,000. The written partnership agreement provides that all profits and losses are to be shared equally by the partners. The Profit :3; Loss Statement includes the following expenses: Salary to Tony $105,000; Salary to Sudan $115,500; Interest paid to Tony $1,450 on loan to partnership to provide working capital; Interest paid to Sudan $13,600 on loan to partnership to provide working capital; Superannuation on Tony's behalf $6,000; and Superannuation on Sudan's behalf $8,000. Discuss the tax treatment of payments made to partners
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