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