Record keeping for partnerships



This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

A partnership needs to keep records if it is an attributable taxpayer.

A partnership may be an attributable taxpayer if it:

  • has transferred property or services to a non-resident trust or
  • is an attributable taxpayer in relation to a controlled foreign company.

It is important to note that each individual partner could be liable if the partnership breaches the record keeping requirements.

Last modified: 05 Dec 2006QC 17522