Gather your information
You will need:
- the owners’ names and IRD numbers
- details of any 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.
Log in to myIR
Go to your return and follow the prompts
- Select your income types.
- Enter the required information.
- Complete any additional forms that apply to your situation.
You can also complete your IR7L on paper.
The Look-through company income/loss distribution (IR7L) form has space to record details for four partners only – you can use as many copies of this form as you need.