RETURNS OF LAND

Bay of Plenty Beacon, Volume 6, Issue 60, 30 March 1943, Page 5

RETURNS OF LAND

DUE 9th APRIL

PENALTY FOR NEGLECT

Furnishing a return of land; is an annual) duty imposed by law on all landowners, who at noon on the 31st 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 arc obtainable at. all post offices. Details of the land held at the 31st. March, 1943, 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 placti or not. The return should be completed and returned, to the Commissioner of Taxes, Wellington C.3 on or before the 9th April. Any person neglecting to* furnish a return is iliable; to a penalty not 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 for an exemption in respect of registered mortgages or balances of purchasemoney in certain circumstances, but to obtain the exemption it is essen-f. tial 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 ab-r sence of a return the assessment is made as though the land w r cre unencumbered;. The tax assessed in these cases may be in excess 1 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.