Individual income tax return guide 2011 - Inland Revenue Department

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IR 3 INDIVIDUAL RETURN GUIDE
Question 18 Partnership income
Show your share of income from the partnership’s trade or business from
1 April 2010 to 31 March 2011 in Box 18B, unless it includes:
interest and any RWT—show this at Question 13
dividends and any credits—show this at Question 14
overseas income and overseas tax paid—show this at Question 17
rental income—show this at Question 21
other income and, if your share of this income:
––
is received in recognition of your capital investment in the
partnership and you didn’t take any active part in the day-today
operation or management of the business (eg, you were a
sleeping partner), or
––
is generated from other investment activity (eg, sale of shares),
show this at Question 23.
Partnership income earned as a result of “active” involvement is liable for
ACC levies, which will be invoiced by ACC.
Losses from limited partnerships
If you’re claiming a loss from a limited partnership and you need help
working out the amount you can claim, go to www.ird.govt.nz
Expenses
You may be able to claim expenses against your share of the partnership
income that wasn’t claimed in the partnership’s IR 7 return, eg, interest
on capital borrowed to purchase a share in the partnership. Claim these
expenses at Question 26.
Question 20 Shareholder-employee salary
If, as a shareholder-employee, you received a salary between
1 April 2010 and 31 March 2011 with PAYE deducted, include the
amount in Box 11A.
If your shareholder-employee’s salary or director’s fees had no PAYE
deducted, include the amount in Box 20.
The company that paid your salary or fees will be able to tell you exactly
how much to show in your return.