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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36<br />
IR 3 INDIVIDUAL RETURN GUIDE<br />
Share of partnership <strong>income</strong> as a result of capital investment<br />
If your share of partnership <strong>income</strong> is received in recognition of your<br />
capital investment in the partnership and you didn’t take any active part<br />
in the day-to-day operation or management of the business (ie, you were<br />
a sleeping partner), print your share of partnership <strong>income</strong> in Box 23.<br />
Question 24 Loss from a loss attributing<br />
qualifying company (LAQC)<br />
If you’re a shareholder in an LAQC that made a net loss, claim your<br />
share of any net loss the company incurred between 1 April 2010 and 31<br />
March <strong>2011</strong> in Box 24.<br />
If the attributed loss included a loss from a CFC or an FIF and you need<br />
help with this question, please call us.<br />
Note<br />
Changes to the CFC rules mean that a qualifying company will lose its<br />
status if it holds interests in a CFC or a direct <strong>income</strong> interest of 10% or<br />
more in an FIF. For companies with balance dates between 30 June and<br />
30 September (inclusive) these rules apply from the 2010 <strong>income</strong> year.<br />
For all other companies, the rules apply from the <strong>2011</strong> <strong>income</strong> year.<br />
Question 26 Expenses and deductions<br />
If you paid any of these expenses, between 1 April 2010 and<br />
31 March <strong>2011</strong>, you can claim them in Box 26.<br />
<br />
<br />
<br />
<br />
<br />
<br />
a fee to someone for completing your <strong>tax</strong> <strong>return</strong><br />
commission on interest or dividend <strong>income</strong> (but not bank fees<br />
—they’re a private expense)<br />
expenses incurred in earning <strong>income</strong> that’s had <strong>tax</strong> from schedular<br />
payments deducted<br />
additional expenses incurred in earning partnership <strong>income</strong>, eg,<br />
interest on capital borrowed to purchase a share in the partnership<br />
interest on money you borrowed to buy shares or to invest—as long<br />
as the investment will produce some <strong>tax</strong>able <strong>income</strong><br />
premiums on loss of earnings insurance (<strong>income</strong> protection),<br />
provided the benefit from the insurance policy is <strong>tax</strong>able.