IR7 Question 15 Income from another LTC
If the LTC received income from another LTC, write the details at Question 15.
A partnership does not receive income or deductions from an LTC. If two or more people jointly receive income or deductions from an LTC, they should show these on their own returns, not the partnership’s return.
LTCs are transparent (looked through), meaning the owners are treated as having received the income and incurred the loss of the company.
The LTC will normally supply the information required to complete your return.
Don’t include any of the following types of income received from another LTC at Question 15:
interest and RWT—show these at Question 11
dividends, imputation credits, and dividend RWT—show these at Question 12
Maori authority distributions and credits—show these at Question 13
overseas income and any credits attached—show these at Question 16, see IR7 Question 16 Overseas income
residential property income - show there at Question 18, see IR7 Question 18 Income and expenditure from residential property
other rental income—show this at Question 19, see IR7 Question 19 Other rental activites income
taxable property sales/disposals - show this at Question 20, see IR7 Question 20 Income from taxable sale/disposals of property
other income—show this at Question 21, see IR7 Question 21 Other income.