Income tax Dates
MAY 7Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
JUN 28Provisional tax payments are due if you have a March balance date and use the ratio option.
JUL 7Income tax returns are due if you do not have an extension of time.
Partnerships do not pay income tax on their profits. Instead the profit or loss is shared between the partners. The partners pay income tax on any profit, and they can also claim any partnership losses against their own personal income.
Partnerships file IR7 income tax returns each year. These returns show how much profit or loss was allocated to each partner.
Each partner also needs to file their own IR3 individual income tax return showing their partnership income or losses.
General or limited partnerships
There are two types of partnerships. Income tax is different for each one.
- General (ordinary) partnerships share profits and losses equally between the partners, unless the partnership agreement states otherwise. If there is a debt, each partner can be made to pay the full amount.
- In a limited partnership there are general and limited partners. The limited partner, who may be an investor, is only liable for partnership debt up to the amount they invested in the partnership.