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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