PENALTY FOR NEGLECT

Bay of Plenty Beacon, Volume 2, Issue 142, 3 April 1940, Page 7

PENALTY FOR NEGLECT

RETURNS OF LAND DUE Furnishing a return of land is an annual duty imposed by law upon aLI landowners who at noon on the 31st March held land of an unimproved value according to the Government valuation in excess of £500. The unimproved value is the value of land exclusive of building, fencing and other improvements. The form of return has been made as simple as it is possible to make it. Forms are obtainable at all postoil'ices. Details of the land held at the 31st March, 1940, should be entered in Part 3 of the form. Under Part 1 particulars of registered mortgages and unpaid purchase money should be shown each year irrespective of whether any change has taken place or not. The return should be completed and returned to the Commissioner of Taxes, Wellington, C.3, on or before the 11th April. Any person neglecting to lilrnisfy a return is liable to a penalty not exceeding £100. Neglect to furnish returns at the prescribed time not only venders taxpayers liable to prosecution but also in many cases for considerably more tax than would otherwise be payable. The Act provides for a;n exemption in respect of registered mortgages or balances of purchase money in certain circumstances, but to obtain the exemption it is essential that a return showing particulars of mortgages owing should be furnished. The Land and Income Tax Department cannot assume that mortgages are owing, and in the absence of a return the assessment is made as though the land were unencumbered. The tax assessed in these cases ma3>- be in excess of the amount which would be payable if the return had been furnished. All persons liable to furnish returns are therefore advised in their own interests to forward their returns on or before the above date.