RESERVE FUNDS
FARMERS AND TAXATION The position of farmers whose net taxable income has been increased by non-expenditure on essential farm maintenance, brought about by labour shortage, absence of fertiliser supplies, as Avell as shortage of supplies of other commodities, was discussed at a Dominion executive meeting of the New Zealand Farmers' Union. The opinion was expressed, that farmers should be'allowed to create reserve funds Avliich could be carried fonvard in their tax returns, and on which they Avould not be taxed, during the current year, conditionally on the reserve fund being able to be draAvn on over a period of three years after the Avar for expenditure on labour, manure and materials for the purposes of restoring the capital value of the farms, It Avas also considered, that farmers Avho entered the armed forces and in consequence had to sell tlieii stock Avoukl not have to pay income tax on the money derived from the sale of such stock.
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https://paperspast.natlib.govt.nz/newspapers/BPB19420921.2.5
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Bay of Plenty Beacon, Volume 6, Issue 7, 21 September 1942, Page 2
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160RESERVE FUNDS Bay of Plenty Beacon, Volume 6, Issue 7, 21 September 1942, Page 2
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