RETURNS OF LAND

Bay of Plenty Beacon, Volume 5, Issue 35, 30 March 1942, Page 6

RETURNS OF LAND

PENALTY FOR NEGLECT

Furnishing a return of land is an annual duty imposed by law upon all landowners who at noon on the 3.lst March hold land of an unimproved 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 postoffices. Details of the land held at the 31st March, 1942, should be entered in Part 3 of the farm. 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. TutT return should be completed and returned to the Commissioner of Taxes, Wellington C.3, on or before the 11th April. Any person neglecting to furnish a return is liable to a penalty nojt exceeding £100. Neglect to furnish returns at the prescribed time not only renders taxpayers liable to prosecution but also in many cases for considerably more tax than would otherwise be payable. The Act provides fc>r an exemption in respect of registered mortgages or balances of purchasemoney 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 ciwing,. and in the absence of a return the assessment is made as though the land were unencumbered. The tax assesseo in these cases may 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.