Joint and several liability for partners ensures firm and partners remain liable for GST unless a retirement notice ends liability. Where a firm is liable to pay tax, interest or penalty under the Act, the firm and each partner are jointly and severally liable. A retiring partner ... Summary
Joint and several liability for partners ensures firm and partners remain liable for GST unless a retirement notice ends liability.
Where a firm is liable to pay tax, interest or penalty under the Act, the firm and each partner are jointly and severally liable. A retiring partner remains liable for amounts due up to the retirement date unless the partner or firm notifies the Commissioner in writing; absent intimation within one month, the retiring partner's liability continues until the Commissioner receives the notice.
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