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IR7 Question 17 Business income

Write the net profit or loss in Box 17B. This is the amount of income or loss after deducting all allowable business expenditure. If this is a loss, put a minus sign in the last box.

Refer to the Smart business (IR320) guide for information on allowable business expenditure and record keeping.

Attach one of these to the top of page 3 of your return:

  • a set of the partnership’s or LTC’s financial accounts

  • a completed Financial statements summary (IR10) form

  • a completed Farming income (IR3F) form or Schedule of business income (IR3B) form.

If you complete an IR10, which speeds up the processing of the return, you don’t need to send Inland Revenue your financial accounts as well, but keep them in case they ask for them later.

Attribution rule

Anyone who provides services and puts an intermediary between themselves and the recipient of the personal service has income earned allocated to them, not the intermediary.

If this rule applies to persons associated to your partnership or LTC, it will affect the amount of taxable income in this return.

When applying the attribution rule, LTCs are treated as associated entities and not as being transparent.

To find out how to apply this rule, please read the Tax Information Bulletins (TIBs), Vol 12, No 12 (December 2000), Vol 13, No 11 (November 2001), and Vol 21, No 8 Pt 2 (October/November 2009).

If you need more information, please call Inland Revenue.

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