• Record keeping for partnerships

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

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    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 18000