About this Guide

The IR7 is used to report the income, losses, and deductible expenses of a partnership or look-through company (LTC) for the relevant tax year. It is also used to calculate the net income or loss attributed to each partner or LTC owner.

When to use this guide

artnerships and look-through companies must use the IR7 to file their annual income tax return.

You can complete and file the return online through myIR. If you are unable to use myIR, you can download, print, and complete a paper IR7 return.

A partnership must also complete an IR7P to show how its income or loss is allocated among the partners. A look-through company must complete an IR7L to show how its income or loss is allocated among its owners.

What you will need

Before completing this return, you should have the following information available:

• The name, IRD number, and other relevant details of the partnership or look-through company.

• Details of income and expenses, including:
– schedular payments
– New Zealand interest and dividends
– other income
– overseas income
– business income and rental income
– deductible expenses.

• Details of any extinguished losses and/or relevant losses from a former loss-attributing qualifying company (LAQC), where applicable.

• The name and IRD number of each partner or LTC owner, their profit or loss allocation percentage, and details of the income, losses, and tax credits attributed to them.

After the IR7 has been filed, each partner or LTC owner must include their allocated share of the income or loss in their own income tax return.

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