The law imposes 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, penalties, general interest charge and shortfall interest charge may apply to the partners.