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Tax Administration Act 1994

Information, record-keeping, and returns - Statements, notices, and certificates - Resident passive income

32IB: Calculation of amounts for partnerships

You could also call this:

"How partnerships work out tax amounts"

Illustration for Tax Administration Act 1994

When you are in a partnership, you need to calculate certain amounts for tax purposes. You do this by ignoring section HG 2 of the Income Tax Act 2007. You calculate your annual gross income, total assessable income, total deductions, tax credits for resident passive income, and income tax liability.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1366886.

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Part 3Information, record-keeping, and returns
Statements, notices, and certificates: Resident passive income

32IBCalculation of amounts for partnerships

  1. For the purposes of sections 32E(2)(f), (i), and (j) and 32I, when the person is a partnership, the following amounts are determined ignoring section HG 2 of the Income Tax Act 2007:

  2. the person’s annual gross income:
    1. the person’s—
      1. total amount of assessable income:
        1. total deductions:
          1. tax credits for resident passive income:
            1. income tax liability.

            Notes
            • Section 32IB: inserted (with effect on 1 April 2008), on , by section 162(1) (and see section 162(2) for application) of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Act 2025 (2025 No 9).