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Te tāke moni whiwhi mō ngā whakahoatanga Income tax for partnerships

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      • Types of business income
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      • Income tax for partnerships
        • File a Partnerships and look-through companies income tax return - IR7
        • File a Partnership income loss attribution - IR7P
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Income tax Dates

  • MAR 28
    AIM instalments are due if you file GST monthly and have a March balance date.
  • MAR 31
    Final date for ratio option provisional tax applications.
  • APR 7
    End-of-year income tax and Working for Families bills are due if you have an extension of time to file your income tax return.
  • All Income tax dates

Partnerships do not pay income tax on their profits. Instead the profit or loss is shared between the partners. The partners pay income tax on any profit, and they can also claim any partnership losses against their own personal income.

Partnership returns

Partnerships file IR7 income tax returns each year. These returns show how much profit or loss was allocated to each partner.

Each partner also needs to file their own IR3 individual income tax return showing their partnership income or losses.

General or limited partnerships

There are two types of partnerships. Income tax is different for each one.

  • General (ordinary) partnerships share profits and losses equally between the partners, unless the partnership agreement states otherwise. If there is a debt, each partner can be made to pay the full amount.
  • In a limited partnership there are general and limited partners. The limited partner, who may be an investor, is only liable for partnership debt up to the amount they invested in the partnership.

Portfolio investment entities (PIEs) for partnerships

Working out your partner's basis for limited partnerships

You can use our Limited partnership loss deduction calculator to work out your deductible share of a loss from a limited partnership.

7 minutes
Limited partnership loss deduction calculator

Work out your "partner's basis", the deduction amount of a loss you may claim in the current income year, and how much loss must be carried forward.

Go to this tool
Partnership and look-through company return guide IR7G 2022 (PDF 551KB) Download guide

Pages in this section
  • File a Partnerships and look-through companies income tax return - IR7

    Use the IR7 to tell us about your partnership's or look-through company's (LTC) income, loss and expenses for the year.

  • File a Partnership income loss attribution - IR7P

    File your Partnership income/loss attribution - IRP7 for your partnership or look-through company.

Roles

  • Partnerships

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