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IR6 Question 16 Business or rental income

If the estate or trust has business or rental income, you must attach either:

  • a fully completed Financial statements summary (IR10) form, or

  • a set of the estate or trust’s financial accounts for the year.

The IR10 summarises the information Inland Revenue need from the financial accounts. If you complete an IR10 you don’t need to send Inland Revenue your financial accounts, but you still need to complete and keep them.

Business income

Write the net profit in Box 16B. This is the amount of income or net loss after all allowable business expenditure has been deducted. If the total is a loss, put a minus sign in the last box at Box 16B. When calculating business income, you can use the Schedule of business income (IR3B) form.

Rental income

If there is rental income, print the net profit or loss (total rents minus expenses) in Box 16B. When calculating rental income you can use the Rental income (IR3R) form.

Attribution rule

Under the attribution rule, anyone whose actions cause an associated person (company, trust or partnership) to earn income, can be personally liable for tax on that income. If this rule applies to persons associated with your estate or trust, it will affect the amount of taxable income in this return.

For more information read the Tax Information Bulletin (TIB) Vol 12, No 12 (December 2000) page 49 and TIB, Vol 13, No 11 (November 2001).

Question 16AA - Residential land withholding tax (RLWT) credit

The estate or trust can claim a credit for RLWT deducted from the sale of a property. If more than one amount was deducted, show the combined amount.

Show the amount of RLWT deducted, less any RLWT paid back to the estate or trust and/or transferred to outstanding amounts.

Show the name of the estate or trust's withholder(s) in the "Name of payer" box.

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