LTC Income Excel - Free Template

1. Open LTC_Income_Data and enter each income line as it happens. Keep the date, company name, shareholder and income type consistent so the summary stays clean.
2. Fill in gross income and deductible expenses for each row. The template is set up to show the net result clearly, so you can see profit and loss without recalculating it.
3. Use the ownership % field for each shareholder. If one person owns 50% and another owns 33.33%, the allocated share column can reflect that split exactly.
4. Check the taxable? column before month-end or year-end. If something needs review, add a note straight away rather than leaving it to memory.
5. Use LTC_Summary to total the numbers for the year. That gives you a quick view for the annual accounts, provisional tax planning and shareholder discussions.
6. Refer to Lookup_Lists for repeat values such as income types, cities or company names if you want to keep entries consistent.
7. Read Instructions first if you are handing the file to staff or a client. It saves time and reduces the risk of people typing data in the wrong place.

This workbook is for the people who actually have to keep an LTC moving: a sole director, a bookkeeper at a small property company, or a family trust manager who needs the annual figures ready for the return. If one shareholder owns 50% and another owns 25%, you need a clean split, not a pile of bank statements.

Image 1 is the working sheet. It has columns for date, financial year, company name, NZBN, IRD number, shareholder, city, income type, gross income, deductible expenses, net income/(loss), ownership %, allocated share, taxable? and notes.

When it gets used

Most people open a sheet like this at the end of each month, at GST time, or when the accountant starts asking for the year ended 31/03/2026 figures. A Christchurch contractor with $18,000 of monthly income and $6,200 of expenses can see the net result straight away instead of waiting until year end.

Why the layout matters

The split between gross income, expenses and allocated share saves you from doing the same calculation three times. If a company earns $96,000 and the shares are 60% and 40%, the allocated amounts are $57,600 and $38,400 before you even open the accounts package.

For an LTC, the practical standard is the same one Inland Revenue expects across business records: keep enough detail to support the numbers and retain the records for 7 years. That means dates, amounts, names, company identifiers and enough notes to explain why a transaction is taxable or deductible.

If the company is GST-registered, the income lines also help you reconcile the GST return at 15% and make sure the taxable supply information is complete. A company with turnover over $60,000 in any 12-month period must be registered for GST, and the same source data is what backs the 2-monthly or 6-monthly return.

How the tax settings fit in

An LTC itself is a flow-through structure, so the income generally ends up in the owners' hands rather than being taxed like a standard company at 28%. If the annual net income is $80,000 and ownership is 50/50, each shareholder is looking at $40,000 for their own tax position and provisional tax planning.

Why the company fields are included

The NZBN and IRD number fields are not decoration. They make the workbook useful when you are matching the spreadsheet to bank statements, invoices and the company file in myIR, especially if the same director also owns another entity.

That same owner-level split also feeds into the personal tax return for each shareholder, so the figures stay consistent with their individual filing.

The most common failure is dirty input. One row says "consulting", another says "Consulting", and a third is left blank, so the summary sheet no longer tells you the real split by income type.

Small mistakes, real money

Another trap is the ownership percentage. If a 33.33% shareholder is entered as 33, the allocated share is wrong by a third, and on a $90,000 net result that is a $30,000 error before anyone notices.

Expense entries are just as easy to mishandle. If $8,700 of deductible costs are missed across the year, the profit looks too high, and the owners can end up planning provisional tax on money that was never really there.

Why timing matters

Leaving the data until the accountant asks for it in April usually means you are chasing invoices, notes and bank references at the worst possible time. A 20-row clean-up is annoying; a 240-row catch-up before 31/03/2026 can take hours and still leave gaps.

The taxable? flag helps, but only if you use it. If you let uncertain items sit there for months, you are one coding mistake away from a GST correction or a rework of the profit and loss.

The easiest habit is to update the sheet on a fixed day, not whenever you remember. Most small firms do it right after the bank rec, the pay run or the GST review, because the figures are already in front of you.

Simple routines that stick

• Copy last month’s rows and change only the new dates and amounts.
• Use the lookup lists so income types and company names stay consistent.
• Check the summary after every upload so errors show up early.
• Keep one person responsible for entries, even if more than one person can view the file.

If the workbook is getting heavy, or you are running hundreds of transactions a month, that is usually the point to move to Xero or MYOB and leave Excel as the review tool. For a small LTC with tidy monthly activity, though, this file is usually enough.

Image 2 shows the summary sheet, which is the one you will probably print or export at month-end. Image 3 is the lookup list sheet, and Image 4 holds the instructions for anyone who needs a quick handover.