Individual income tax return guide 2011 - Inland Revenue Department

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