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Look-through company (LTC) income/loss distribution 2016 (IR7L)

(published March 2016)

About this form

This form is for recording LTC owner(s) income/loss distribution details and is attached to the LTC’s IR7 return on completion.

PDF | 179kb | 2 pages

This form can be completed on-screen by typing content directly into the PDF document. Once you have completed the form it is important that you print it out as you will not be able to save the information you enter into the form.

When to use this form

The LTC's income, losses and tax credits must be allocated to its owners in proportion to their share in the LTC. Use the IR7L form to show these details for each owner and attach it to page 3 of the LTC's Income tax return: Partnership and look-through companies (LTCs) 2016 (IR7).

The IR7L has space to record four owners' details only. You can use as many extra copies of the IR7L as you need. Remember to print them out.

LTC's are not assessed for tax, but each owner is liable for tax on their share of income from the LTC. Each owner must file an income tax return showing all their income, including their share from the LTC.

What you will need
  • the IR7 2016 guide, pages 23 to 48, for help completing this form
  • the LTC's name and IRD number
  • the owners' names and IRD numbers
  • details of the income/losses distributed to each owner and their proportion of profits/losses
  • details of non-allowable deductions
  • details of any deductions for extinguished losses
  • details of the overseas tax paid, imputation credits and other tax credits allocated to each owner.
After you finish

Please print, sign and attach all IR7L forms to page 3 of the Income tax return: Partnership and look-through companies (LTCs) 2016 (IR7) and post to:

Inland Revenue
PO Box 39090
Wellington Mail Centre
Lower Hutt 5045

List of postal addresses for Inland Revenue >