RETURNS OF LAND

Bay of Plenty Beacon, Volume 3, Issue 289, 31 March 1941, Page 5

RETURNS OF LAND

DUE ON APRIL 11 PENALTY FOR NEGLECT Furnishing a return of land is an annual duty imposed b£ law upon all land owners who at noon on the 31st March hold land of an unim-* proved value according to the Government valuation in excess of £500. The unimproved value is the value of the land exclusive of buildings, fencing and other improvements. Forms are obtainable at all post offices. Details of the land held at the 31st March, 1941, 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 lias taken place or not . The return should be completed and returned to the Commissioner of Taxes, Wellington G. 3, on or before the 11th April.

Any person neglecting to furnish a return is liable to a penalty not exceeding £100.

Neglect to furnish returns at the prescribed time not only renders taxpayers liable to prsoecution but also in many cases for considerably more tax than would otherwise be payable. The Act provides for an 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 may be in excess of the amount which would be payable if the return had been furnished. Ail persons liable to furnish returns arc therefore advised in their own interests to forward their returns on or before the above date. •