Joint liability of partners preserves GST obligations until retirement notice is received by tax authorities. Partners are jointly and severally liable for tax, interest and penalty of the firm. A retiring partner remains liable for amounts attributable up to the ... Summary
Joint liability of partners preserves GST obligations until retirement notice is received by tax authorities.
Partners are jointly and severally liable for tax, interest and penalty of the firm. A retiring partner remains liable for amounts attributable up to the date of retirement if the firm or retiring partner gives written notice of retirement to the Commissioner; failing notice within one month, the retiring partner's liability continues until the Commissioner receives the notice.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.