Penalties and interest charges

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