Taxes Consolidation Act 1997 section 880

Partnership returns

Section 880 sets out the obligation of the precedent partner in a partnership to prepare and deliver income returns and signed profit statements when required to do so by an inspector.

• An inspector may require the precedent partner to file a return showing all partnership income sources, the amount from each source, and any further particulars requested
• Income must be computed in accordance with the Income Tax Acts, with special rules for trade or profession accounts made up to dates within the year of assessment
• A person who submits a return on the prescribed form is deemed to have done so on foot of an inspector's notice, removing the need to prove the notice existed in any penalty proceedings
• The precedent partner may also be required to deliver a signed statement of the partnership's profits or gains, together with a declaration confirming the accuracy of the sources, amounts, and deductions claimed