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IR Schedules Look-through company (LTC) income

If you received any tax credits and/or income from an LTC write the details at Question 19.

Deductions (expenses) against LTC income are limited if the owner (shareholder) doesn’t have sufficient owner’s basis (equity) in the company.

The LTC will normally supply information about non-allowable deductions and any other information required to complete your return.

If you had any non-allowable deductions brought forward from last year, you may be able to claim some or all, of the brought forward amount this year. Print the amount claimable in Box 19D.

Don’t include:

  • interest and any RWT—show this at Question 13 and tick 13C

  • dividends and any credits—show this at Question 14 and tick 14C

  • Maori authority distributions and credits—show these at Question 15

  • any overseas income—show this at Question 17, along with qualifying tax credits attached

  • rental income—show this at Question 22.

What to show on your return

Add up all other tax credits received from the LTC and print the total in Box 19A. Add up all LTC income not already included elsewhere and print in Box 19B. Add up all non-allowable deductions this year and print in Box 19C. Add up all prior year non-allowable deductions claimed this year and print in Box 19D.

If you have an amount in Box 19C, add this to Box 19B and put the total in Box 19E.

If you have an amount in Box 19D, subtract this from Box 19B and put the total in Box 19E.

If you don’t have any amounts in Box 19C or Box 19D, copy the amount from Box 19B to 19E.

You can find more information about LTCs in the guide Look-through companies (IR879).

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