• Worksheet 3: Working out your partnerships distribution

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If you show partnership income at items 13, 19 or 20, then you must complete worksheet 3 and you may have to complete worksheet 4. Otherwise do not complete worksheets 3 and 4 and go to working out your adjustments.

    Worksheet 3 will help you to complete G and H item A3 by splitting your partnership income into business income and investment income.

    Step 1 Complete column (b) in worksheet 3 by transferring the appropriate amount from your 2014 tax return for the items listed in column (a).

    Step 2 Write in columns (c), (d) and (e) the amounts derived from a partnership that you have shown at items 13, 19 and 20 in column (b). The sum of (c), (d) and (e) must equal (b).

    Worksheet 3: Working out your partnerships distribution

    (a)

    Gross income amounts

    (b)

    Amount shown

    (c)

    Partnership (1)

    (d)

    Partnership (2)

    (e)

    Partnership (3)

    1.

    Primary production amount (from N item 13)

     

     

     

     

    2.

    Non-primary production amount (from O item 13)

     

     

     

     

    3.

    Partnership related foreign income (from items 19 and 20)

     

     

     

     

    Total partnership distribution (Total each column.)

     

    (f)

    (f)

    (f)

    Step 3 You need to work out for each partnership (including distributions your partnership received from another partnership) whether the income earned by the partnership was:

    • all from carrying on a business, see table 3
    • all investment, see table 4
    • a mixture of both, see table 5.

    You have finished worksheet 3 when you have taken these actions for each partnership.

    Table 3: Income for a partnership is all business

    Result

    Action

    Amount at (f) for the partnership is positive

    Transfer amount at (f) to (h) and (i) on worksheet 6, next to the correct partnership.

    Amount at (f) for the partnership is negative

    Write 0 at (h) and (i) on worksheet 6 for that partnership

    Write as a positive figure the amount at (f) in worksheet 4, next to the correct partnership.

     

    Table 4: Income for a partnership is all investment

    Result

    Action

    Amount at (f) for the partnership is positive

    Transfer amount at (f) to (h) on worksheet 6 for that partnership.

    Write 0 at (i) and (j) on worksheet 6, next to the correct partnership.

    Amount at (f) for the partnership is negative

    Write 0 at (h), (i) and (j) on worksheet 6, next to the correct partnership.

    Table 5: Income for a partnership that is partly carrying on a business and partly non-business investments

    Result

    Action

    Amount at (f) for the partnership is positive

    Transfer amount at (f) to (h) in worksheet 6.

    Transfer that part of the positive amount that is attributable to the partnership carrying on a business to (i) on worksheet 6.

    The amount transferred to (i) should not exceed the amount at (f).

    Write it next to the correct partnership.

    Amount at (f) for the partnership is negative

    Write 0 at (h) and (i) in worksheet 6 for that partnership.

    Write as a positive figure that part of the partnership loss that is attributable to carrying on a business at (f) on worksheet 4.

    The amount transferred to (f) should not exceed the amount at (f) on worksheet 3.

    Write it next to the correct partnership.

    Last modified: 29 May 2015QC 44194