• Penalties and interest charges

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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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    The law may impose penalties on a partner or the partners in the partnership for:

    • failing to lodge a partnership tax return on time and in the approved form (which includes all applicable schedules)
    • making a statement that is false or misleading in a material particular
    • failing to keep and produce proper records
    • preventing access to premises and documents
    • failing to retain or produce declarations.

    In addition, general interest charge and shortfall interest charge may apply to the partners.

    Last modified: 10 Aug 2016QC 48217