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Income Tax Act 2007

Deductions - Expenditure specific to certain entities

DV 22: Owners of look-through companies

You could also call this:

“How owners of look-through companies can claim deductions”

If you have an effective look-through interest for a look-through company, you can claim a deduction. The amount you can deduct depends on how subpart HB applies to you and the look-through company. Subpart HB is about look-through companies and how they work for tax purposes. This means that some of the company’s income and expenses can be ‘looked through’ to you as an owner, allowing you to claim deductions on your personal tax return.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3683705.

Topics:
Money and consumer rights > Taxes
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“How partners can claim deductions for old qualifying company losses”

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DV 23: Losses for QCs entering look-through companies rules, or

“Tax deductions for losses when a qualifying company becomes a look-through company”

Part D Deductions
Expenditure specific to certain entities

DV 22Owners of look-through companies

  1. A person who has an effective look-through interest for a look-through company has a deduction to the extent to which a deduction results from the application of subpart HB (Look-through companies) to them and the look-through company.

Notes
  • Section DV 22: inserted, on (applying for income years beginning on or after 1 April 2011), by section 45(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).