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You need to know

Last updated 27 June 2018

If you have received or are entitled to an amount of income from a partnership which includes a dividend with Australian franking credits from a New Zealand franking company, you may be eligible to claim Australian franking credits. However, you cannot claim New Zealand imputation credits. For more information, see Other foreign income. 

If you have deferred non-commercial business losses from a prior year, you may be able to claim them this year if you operated the same or a similar business activity. For more information, see Deductions.

Do not show all categories of income from a partnership at this section. For more information, see Do not show at this section.

Statement of distribution or advice from the partnership

A statement of distribution or advice from the partnership may show the following details in relation to your share of partnership distribution for tax purposes:

  • the amount of any primary production income or loss and the amount of any non-primary production income or loss
  • the amount of attributed foreign income and other foreign source income
  • the amount of any income on which family trust distribution tax or trustee beneficiary non-disclosure tax has been paid
  • your entitlement to any of the following credits or tax offsets
    • credit for amounts of tax withheld because the partnership failed to quote its Australian business number
    • credit for amounts of tax withheld due to the imposition of non-resident withholding tax or managed investment trust withholding tax from partnership income you received when you were a resident
    • share of the 'national rental affordability scheme' tax offset
    • allowable franking credits from franked dividends
    • credit for tax file number amounts withheld.