Limited Liability Partnerships – Penalties for Late Lodgement of Annual Declaration

Length of Default (Days) Late Lodgement Fee
Not more than 30 days $60
Between 31 days to 60 days (Both days inclusive) $120
Between 61 days to 90 days (Both days inclusive) $170
Between 91 days to 180 days (Both days inclusive) $220
Between 181 days to 365 days (Both days inclusive) $250
Between 366 days to 730 days (Both days inclusive) $350
Between 731 days to 1095 days (Both days inclusive) $350
More than 1096 days $350

The legal requirement

Section 24 of the Limited Liability Partnerships Act requires a manager of a Limited Liability Partnership (LLP) to lodge the Annual Declaration (AD) not later than 15 months after registration of the limited liability partnership and subsequently, once in every calendar year at intervals of not more than 15 months. Failure to comply is an offence and an appropriate penalty will be imposed for late lodgement.

Below is an example of when penalty will be imposed for late lodgement of AD.

ABC LLP is due to file its AD by 25 May 2012 (section 24). The manager filed the AD on 14 June 2012. The penalty imposed on the LLP is as follows:

Legal Requirement Due Date to File Notification Date of Notification Period of Default Penalty
Section 24 25 May 2012 14 June 2012 26 May 2012 to 14 June 2012 $60