RETURNS OF LAND

Bay of Plenty Beacon, Volume 9, Issue 57, 1 April 1946, Page 7

RETURNS OF LAND

Furnishing a return of land is an annual duty imposed by law on ali landowners who at noon on the 31st March hold land of an unimproved value according to the Government -valuation in excess of £SOO. The unimproved value is the value of the land exclusive of buildings, fencing and other improvements. Forms are obtainable at all post offices and at offices of the Land and Income Tax Department. The return should be completed and forwarded (as directed in the notice appearing in last issue) on or before the 10th April. Any person neglecting to furnish a return is liable to a penalty not exceeding £IOO. 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 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. All persons liable to furnish returns are therefore advised in their own interests to forward their returns on or before the above date.