What is an IR7 partnership return?

An IR7 reports a partnership's income, loss and expenses, including how its profit or loss is allocated between the partners.

The partnership does not pay income tax on its profit. Instead, the profit or loss is allocated to the partners.

For a standard Afirmo partnership with individual partners, Afirmo prepares and files one annual IR7 on Supercharge or Supercharge Pro. Each individual partner also needs an IR3 showing their allocated share of the partnership income or loss.

A partner IR3 costs $500 plus GST per partner per year. If a partner is a company, trust or another entity, ask the Afirmo team to confirm which return is required.