Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Returns and return dates

42B: Returns by look-through companies and owners of interests

You could also call this:

"Special company tax returns for owners"

Illustration for Tax Administration Act 1994

You have a special kind of company called a look-through company. This company must give a return of income that ignores certain rules in the Income Tax Act 2007. The return includes the total income the company gets and how much of that income belongs to each owner. You are an owner of a look-through company. The company's return also includes a summary of the deductions for each owner under certain rules in the Income Tax Act 2007 and section DV 22. You must make a separate return of income, taking into account the amounts in the company's return. The company is not assessed, but you are. You make a separate return of income under section 33, and you are assessed separately. This means you are responsible for your own tax return, and the company is not taxed on your behalf.

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This page was last updated on 28 November 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3632508.

Topics:

Money and consumer rights > Taxes

42: Returns by joint venturers, partners, and partnerships, or

"How to do tax returns when you share income or expenses with others"

42C: Income tax returns by undischarged bankrupt, or

"Tax returns for people who are bankrupt and earn an income"

Part 3Information, record-keeping, and returns
Returns: Returns and return dates

42BReturns by look-through companies and owners of interests

This section applies to persons who have effective look-through interests for a look-through company, and to their look-through company.
The company must make a return of income that ignores subpart HB of the Income Tax Act 2007 and that includes—
the total amount of income derived by the company:
the amount of that income for each owner under subpart HB of that Act:
a summary of the deductions for each owner under subpart HB and section DV 22 of that Act.

There is no assessment of the company, but each owner must make a separate return of income under section 33 taking into account the amounts in subsection (2). Each owner is assessed separately.

Notes

Section 42B: inserted, on 1 April 2011, by section 148 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).