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IR7 Completing your IR7L or IR7P

IRD number

Box 24A

Print the partner’s or owner’s IRD number. If you don’t know their IRD number you will need to contact them to request it.

Attribution of income/loss

Box 24B

Show the attribution of income or loss the partner or owner is entitled to as a percentage of the total. Write percentages as four-digit numbers, for example, show 15% as 15.00.

For LTCs with only one owner the percentage will be a five-digit number, for example, show 100% as 100.00.

For LTCs, effective look-through interest determines each owner’s attribution of income or loss from the LTC.

Each owner’s effective look-through interest is generally determined by the percentage of shares the owner has in the LTC.

Please read the Look-through companies (IR879) guide if you need further information.

Attributed income/loss

Boxes 24C to 24I

Print the partner’s or owner’s attribution of:

  • interest (from Question 11) in Box 24C

  • dividends (from Question 12) in Box 24D

  • Maori authority distributions (from Question 13) in Box 24E

  • overseas income (from Question 16) in Box 24F

  • rental income (from Question 18) in Box 24G

  • other income (from Question 19 minus any relevant expenses at Question 21, including income received by a non-active partner or owner in the business) in Box 24H

  • all other income and expenses (not already included in Boxes 24C to 24H) in Box 24I.

Total income

Box 24J

Print the total of all Boxes 24C, 24D, 24E, 24F, 24G, 24H and 24I in Box 24J. If a loss, put a minus sign in the last box.

The totals of all partners’ or owners’ Box 24Js must add up to the IR7 income or loss shown in Box 22. If they don’t, it will take Inland Revenue longer to process your return.

Deduction for extinguished losses
Attributed tax credits

Boxes 24L to 24N

Print the partner’s or owner’s attribution of:

  • overseas tax paid (from Question 16) in Box 24L

  • imputation credits (from Question 12) in Box 24M

  • other tax credits (from Questions 10 to 15, excluding any imputation credits) in Box 24N.

Non-allowable deductions (IR7L only) — where loss limitation rule doesn’t apply for the owner(s)

Boxes 24O to 24R

This information applies for an LTC who is not subject to the loss limitation rule. See Question 15 Income from another LTC.

Non-allowable deductions this year

There won’t be non-allowable deductions this year as the loss limitation rule no longer applies. Do not include an amount in Box 24O.

Non-allowable deductions brought forward 

This is the amount carried forward from last year that was restricted by the loss limitation rule. Print the amount in Box 24P.

The LTC should have records of the non-allowable deductions brought forward.

Prior years’ non-allowable deductions claimed this year

This will be the same as the amount in Box 24P and is the amount claimable this year. Copy the amount in Box 24P to Box 24Q.

Non-allowable deductions carried forward

There should be no non-allowable deductions to carry forward. Leave Box 24R blank.

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