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2023 Income tax assessments | From now until the end of July we’re issuing income tax assessments. Most people will receive theirs by 10 June. Timelines at the end of the tax year.

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Te uru hei kamupene hanganga taunaha tāpu Becoming a look-through company

Income tax for businesses and organisations
Income tax for businesses and organisations
  • Income tax for companies
    • Look-through companies
      • Eligibility to be a look-through company
      • Becoming a look-through company
        • Choose to become a look-through company
      • ACC levies for a look through company
      • Selling look-through company shares
      • File a Look-through company income/loss distribution (IR7L)
      • When you stop being a look-through company

Income tax Dates

  • MAY 29
    AIM instalments are due if you file GST monthly and have a March balance date.
  • JUN 28
    AIM instalments are due if you have a March balance date.
  • JUN 28
    Provisional tax payments are due if you have a March balance date and use the ratio option.
  • All Income tax dates

When shareholders choose to become a look-through company (LTC) they agree to use the look-through company rules. This means if there is income tax to pay on the company's profit, they must pay this themselves.  

When a new company becomes a look-through company

If a company is newly incorporated or first starts to trade, you need to send us an election form by the date the company's first return is due, including any extension of time. The election form can be completed after the return is filed, if we receive it before the return's due date. It will then apply from the start of the first income year.

When an existing company becomes a look-through company

If a company has been in existence and trading for some time, you need to send us the election form before the start of the income year it applies for.

Company losses

When a company becomes a look-through company, any loss balance from previous years is cancelled and cannot be carried forward. These losses cannot be used by the look-through company and are no longer available to the company.

First year calculation

When an existing company becomes a look-through company each owner's income is calculated. Owners can draw down or distribute the company’s reserves without having to pay tax on this distribution. This treatment is not intended to apply to previously accumulated company reserves. Each owner declares their part of this income in their own income tax return.

To find out more about income for the first year of a look-through company, check out our guide.

Look-through companies IR879 2021 (PDF 228KB) Download guide

Pages in this section
  • Choose to become a look-through company

    How to become a look-through company.

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