IR7 Question 9 Has the partnership or LTC ceased?

If this is the final return, include a set of accounts (if accounts are required) to the date the partnership or LTC ceased. Also include details of any distribution of assets and liabilities.

If the partnership or LTC is registered for GST or as an employer, you will need to complete a Business cessation (IR315) form to finalise your records.

Depending on the partnership’s or LTC’s circumstances, other issues may also need to be finalised, for example, outstanding returns and/or arrears.

Find out how to finalise the partnership’s or LTC’s tax accounts or deregister for GST at www.ird.govt.nz

An LTC is still a legal entity until it’s taken off the Companies Register. An LTC can stop trading but still have tax obligations, for example, filing returns.

Nil returns

Every partnership or LTC must file an income tax return, whether or not it has been active. If there is no gross income to declare, or losses to claim, or disclosures to make at Question 25 (IR7 Question 25 Additional disclosure of foreign investments) you can file a nil return. You don’t need to complete any further questions. Sign the declaration at Question 26.