Page 23 Advertisements Column 4

Press, Volume C, Issue 29510, 11 May 1961, Page 23

PUBLIC MOTICC NOTICE TO MAKE RETURNS OF INCOME UNDER THE LAND AND INCOME TAX ACT, IUM. Pursuant to the Land and Income Tax Act, 1964. the Commissioner of Inland Revenue gives notice as follows: 1— Returns of income for the year ended March 31. 1961 (or other approved balance date) are required from:— (a) All companies, all partnerships, all persons in business (including farming) or in a profession, all persons in partnership, and all trustees executors and administrators, notwithstanding that by reason of a loss being incurred for the year or carried forward from a preIvious year, no taxation is payi able. I (b> Every person whose total income exceeded £lO4O. (c) Every person who deprived over £3O interest in the aggregate from Post Office and Trustee Savings Bank deposits. National Savings, and New Zealand Government loans and whose, total income (after-de-ducting £3O of that interest) exceeded £lO4. (d) Every person who derived assessable income other than income from employment and whose total income exceeded £lO4. (Except in the case of persons mentioned in (a) above, no return is required where — (i) the total income did not exceed £3OO and consisted exclusively of income from employment together with Universal Superannuation and/or Company Dividends, or (ii) the total income did not exceed £468 and consisted exclusively of Universal Superannuation and/or Company Dividends.) (e) Every person who paid provisional tax in respect of the income for the year ended March 31. 1961. (f) Every person to whom Section 104 of the Land and Income Tax Act applies. Section 104 relates to aggregate assessments of husbands and wives and is now much more limited in scope than formerly. In general terms, it applies only where—(i) Income is derived by one spouse under a transfer or settlement of income by the other spouse and the assets producing the income are retained by or can revert to the other spouse. (ii) Income is diverted from one to the other by permitting the use of assets or by the performance of services. (g) Every person who received withholding payments. Note, however, that a return is not required where a person does not come within any of the classes referred to in (a) to (f) above inclusive and the only withholding payments received were—(l) Juror’s or witness’s fees, and/or (ii) Not in excess of £l2 in the aggregate and consisted of one or more of the following classes—Honoraria: fees tor contributions to newspapers, journals, etc., or for radio or stage presentations; modelling or demonstrating goods or appliances; •theatre, stage, concert, and radio performances: payments for election day services. (h) Every unincorporated body which derived assessable income. (i) Every absentee who derived income from New Zealand. 2 Returns are required to be furnished by posting or delivering the same to the office of the Taxes Division of the Inland Revenue Department, nearest to the place of residence of the taxpayer, or if the taxpayer’s records are held in another office of the Department. then to the latter office. 3 Returns are due on—

/(a) June 7, 1961, where income was derived from salary, wages, superannuation (not Universal), pensions, taxable allowance, etc., and—(i) No other income whatsoever was derived, or (11) The other income derived consisted exclusively of not more than a total of £3O of interest from Post Office and Trustee Savings Bank deposits, National Savings and New Zealand Government loans. (b) August 7, 1961 in all other cases or within two months of balance date, whichever is the later. Nd action for failure to furnish a return due on August 7, 1961 will be taken if it is furnished by September 7. 1961. The return to be used is IR 5 (green print) in the case of para 3 (a) above and IR 3 in the case of para 3 (b) above. In addition to IR 3—Farmers are to complete supplementary return IR 3F and persons in business or in a profession are to complete supplementary return IR 38. Companies are to use IR 4 and Estates and Trusts IR SA. Each form indicates the classes of taxpayers who are to use that form and, where applicable. the due dates for payment of provisional tax. Generally the first instalment of provisional tax must accompany the return when furnished and is due on August 7, 1961. It must be paid on or before September 7, 1961, in order to avoid the 10 per cent, penalty for late payment. The second instalment is. In general, due on February 7. 1962, with a 10 per cent, penalty if not paid by March 7. 1962. Certain taxpayers (see return form) are required to pay the full amount of the provisional tax in one sum (not one half) by September 7, 1961. Taxpayers who are not required (and do not furnish) a final return by the expiration of one month after the due date for payment of the first Instalment of provisional tax are required to furnish an interim return IR 58. This return is to be furnished not later than one month after the due date for payment of the first instalment of provisional tax. Fuller details are given in the interim return form. 4 AU return forms are available at district offices of the Taxes Division, Inland Revenue Department, and forms other than interim return forms and those for companies, are also available at Post Offices. 5 Any person or company failing to furnish a return within the prescribed time is Liable to a fine not exceeding £lOO and not lett than £2. 6 Any person who is not required under paragraph 1, to furnish a return and who has derived income from employment may elect to furnish a return using IR 5 if he requires an adjustment: (a) Because he paid life insurance premiums. (b) Because he considers that tax deductions made from his income were excessive. (c) Because he was entitled to exemptions which were not included in his tax code during the year. 7 Any person furnishing a return of income who derived income taxed at time of payment should securely attach all tax deduction certificates (IR 12, IR 13 or IR 55) to the return form. If any certificate has been lost or destroyed a statement should accompany the return form giving details of the missing certificate and the circumstances in which it was Lost or destroyed. F. R. MAC KEN. Commissioner of Inland Revenue. 8666 WE UNDERTAKE THE MANAGEMENT or Trust Estates and accept the appointment of EXECUTOR and TRUSTEE under Wilis. A Public lincorpo rated Company possesses outstanding advantage, such as no individual can have: it has perpetual existence, and will survive any single trust. It possesses all the attributes essential in an Executive and Trustee as regard* integrity, capacity, sound business organisation, with continuity of policy. PYNE. GOULD. GUINNESS LTD.. 178 Cashel street, Christchurch.