Distributions from partnerships worksheet (dip) 2023
This worksheets records:
- the details of any share of income or loss received from another partnership
- deductions your partnership may have incurred in earning that share of income from another partnership.
Don't include deductions concerned with running your own partnership.
Consolidation instructions
The ATO allows a maximum of 10 records (including the consolidated record) of distributions from partnership (dip) worksheet. Where there are more records than the maximum allowed, the remaining records must be consolidated into the last record.
Consolidate the worksheets if the maximum number of records exceeds 10. Delete any blank worksheets with no dollar amounts as this may cause a rejection.
Partnership Losses
Records with losses (where net primary production plus net non-primary production amounts are less than zero) should not be consolidated. They should be recorded as separate records.
How to consolidate?
Complete the following details for a consolidated record
Field name | What to enter |
|---|---|
| Partnership name | Consolidation - XX records (where XX is the number of partnership records consolidated into the last record) |
| Tax file number | Leave this field blank. |
| ABN | Leave this field blank. |
For the rest of the income fields, enter the total dollar values for these fields for the records being consolidated
What do I need?
You'll need the Statement(s) of distribution you've received from any other partnership.
You'll find the worksheet by clicking in the:
- Individual return at item 13: labels N or O—Primary or non-primary production income
- Partnership or trust return at item 8: labels—A or B Primary or non-primary production income
- Company return at income item 6: label D—Gross distributions from partnerships
- Preparation > Schedules > Distributions from partnerships worksheet (dip)
What will MYOB Tax do?
We'll create the dip worksheet if:
- you act for the distributing partnership and
- you use F8 or click Distribute at item 51: Statement of distribution to distribute the income or loss to the partners.
We'll create the dip worksheet in these returns:
Individual–in each partner's return at item 13:
- Label N—Primary production
- Label O—Non-primary production
Partnership or trust at item 8:
- Label A—Primary production
- Label B—Non-primary production
Company Income item 6: label D—Gross distribution from partnerships
Distributions from partnerships example - Individual return
If you don't act for the distributing partnership, create a dip to record distributions received from other partnerships.
You can create more than one dip. When more than one exists, each of their names will show in the Select Schedule index of the dip.
There are variations to the layout for the dip because different rules and item labels apply to some form types.
Click Select to edit a dip from the list, or New to create a new one.
Amounts entered will filter through to the relevant item labels in the main return. When distributing the partnership's income or loss, we'll create a dip for each partner's return.
Avoiding a primary production query from the ATO.
Primary producers in the PP Averaging system who have not received a distribution of PP income this year, need to enter a zero at item 13:
- N—Primary production distribution from partnerships or
- L—Primary production distribution from trusts
Doing this shows the ATO that although you haven't received a distribution of PP income this year, you're not leaving the PP Averaging System.
Partnerships that are a small business
We'll use the Share of net small business income to calculate each partner's small business income tax offset (SBITO).
Required fields for PLS lodgment
We'll use the coloured field amounts to pre-fill each partner's individual return items:
- IT5: label X— Net financial investment loss
- IT6: label Y—Net rental loss fields.
See IT5 Financial investment income and deductions (fil) 2023 and IT6 Net Rental income and deductions (rpl) 2023.
Integration from other worksheets for individuals
Data can integrate to the dip (for an individual return only) from:
the depreciation worksheet (d)
the motor vehicle worksheet (mve).
You can't edit these fields. We'll display amounts you've integrated from a depreciating asset or from a share of motor vehicle expenses.
Press Enter at Amounts from the depreciation worksheet or Amounts from the motor vehicle worksheet to open that worksheet.
Company return example
Partnership return example
Trust return example
For partnership and trust returns only:
We've provided a Quick access link in the dip to the Foreign income worksheet (for).
We'll use the information in the for worksheet to calculate each partner's share of the foreign income tax offset (FITO).