RETURNS OF INCOME

Bay of Plenty Beacon, Volume 5, Issue 54, 18 May 1942, Page 4

RETURNS OF INCOME

DUE ON JUNE 1 PENALTIES FOR NEGLECT Returns of income are require to be furnished by all companies an persons in business., or in receipt c profits or gains derived from th use or occupation cif all land's use for agricultural or pastoral purpose (irrespective of the value of sue lands) or in receipt of profits c gains derived from the extractioi removal, or sale of minerals, timbei or flax; alsto by aWi persons in rc ceipt of income from salary, wage (including bonuses, overtime, allow ances, &c.), interest, rent, annuitj or other annual payment, or divi dends or other profits from shares i companies Avhere such income ex ceeds £200 per annum, whether th income from interest, rent, annuitj or dividends is derived from a sourc within New Zealand or beyond Ne\ | Zealand . Returns are required annuall: from such persons notwithstanding that by reason of the special' exemp tions allowable by law they may no be liable for tax. The following return forms ar< available: Form No. 3—Where in come derived from salary or wages, Form No. 3A : —Where income derived from farming. Form No. 38--Where income derived from business or profession. Form No. 4—Where income derived by a company. In the case of a person who derives* income from farming and alsc from a profession or trading oi manufacturing concern it will bp necessary to furnish two returns (forms; 3A and 3B).

Farmers: Particular attention is drawn to the fact that all farmers must now make income tax returns on form No. 3A, whatever the unimproved value of the land farmed. The return should be completed and forwarded to the Commissioner of Taxes, Wellington C.3, on or before the Ist June. If for any reason the return canot lie furnished by the prescribed date application should be made for an extension of timeWhere returns are accepted compiled to a date subsequent to the 31.st March, they should! be furnished

within two months of that date. In the absence of a return the Department has power to make an assessment of an amount on which it is considered tax ought to be levied. The acceptance cf the estimated assessment does not, however, absolve the taxpaj r cr from the duty of furnishing a return. Persons required by law to furnish returns of income are cautioned Uiat failure to supply such returns renders thcin liable to prosecution under the penal clause of the I.and and Income Tax ,\ct, 192 H. Present staffing difficulties in the Land and Income Tax Department render imperative the necessity for strict compliance with the law. For this reason taxpayers arc warned; that it is the intention of the Commissioner of Taxes to apply more rigorously the penal provisions of the Act.