IR6 Question 12 Partnership, estate or trust income

Partnership

If the estate or trust received any income from a partnership, write the details at Question 12.

Don’t include:

• interest and RWT (include these at Question 9)

• any dividends, imputation credits or dividend RWT (include these at Question 10)

• any Maori authority dividends and Maori authority credits (include these at Question 11)

• any overseas income and qualifying tax credits attached (include these at Question 13).

Estate or trust

If the estate or trust has received income from a foreign or non-complying trust, complete a Schedule of beneficiary’s estate or trust income (IR307) and attach it to the return.

Add up all the other income from partnerships, complying and foreign trusts, and write the total in Box 12B. Add up any other tax credits and write the total in Box 12A.

Don’t include:

• interest and RWT (include these at Question 9)

• any dividends, imputation credits or dividend RWT (include these at Question 10)

• any Maori authority dividends and Maori authority credits (include these at Question 11)

• any overseas income and qualifying tax credits attached (include these at Question 13).

If the estate or trust has received a taxable distribution from a non-complying trust do not include the amount as income. Calculate tax on the taxable distribution at 45 cents in the dollar and add it to the amount in Box 25B.

You can use a loss to reduce the amount of the taxable distribution. Net losses brought forward from an earlier income year and losses incurred in the 2018 income year can be used to reduce the amount. If a loss is used in this way it is no longer available to offset other income.

The reduction is calculated using the following formula:

Losses from limited partnerships

If the estate or trust is claiming a loss from a limited partnership and you need help working out the amount that can be claimed, go to www.ird.govt.nz (search keywords: limited partnership loss deduction calculator).