A STIFF DEMAND

Dominion, Volume 9, Issue 2624, 20 November 1915, Page 12

A STIFF DEMAND

PUZZLE FOR FARMERS

INCOME TAX RETURNS

Many citizens received something in tlio uature of a shock as the result of the postman's call yesterday morning. By that mail vyis delivered to most people a demand for a return of amounts derived or received as rent of land or of profits deiived or received from tlie use or occupation of land, made in pursuance of the Land and Income Assessment Act, 1908, the Amendment Acts, 1912 and 1913, and tho Finance Act, 1915. According to tho form the farmer has to show receipts for the sale of live stock, wool, meat, hides, skins, wine, dairy produce, grain, chaff, oats, hay, lucerne; for the Tent of any part of his farm let for grazing, cultivation, or other purposes, tor stock or implements hired out, or from any other source. Having done that he has to set down the value of meat and other produce of the farm that is used for private and domestic purposes; and name the value of stock and produce on land on March 31 last. So much for receipts. Under the heading of expenses and outgoings be has to show the amount spent on live stock during the year, the rent paid for farm, amount of mortgage and other interest paid, value of seed and feed for stock purchased, the wages paid for labour, amount paid for rations bought for employees; state value of live stock and produce on hand on Apri] 1, 1914, and set out details of rates and fire insurance. Having done so, it will be a simple matter to fill in the space on the form opposite tlio words— 'Income from Farming or "Loss on Farming"— as the case may be. In the casj of a partnership the names, addresses, and shares of partners have to be given with, a complete disposition of the net income. The task of the city owner of property in the new return asked for by the Land and Income Tax t Department is a much more simple business. He has to show the rentals received from houses, business premises, or other fources on March 31 last, and opposite to that must show the amount spent in rates, insurance, repairs, maintenance, and expenses of colThere are only four exemptions made, viz.: the allowed by law primarily; 5 per cent, on lands let or used by the person concerned; on the amount paid in life insurance premiums during the year (up to c£so;; and .£25 for each child up to five and under the age of 1G years. The return has to be forwarded to the Commissioner on or before December 4 next. Any person failing or neglecting to furnish a return, or any person making a false return, is liable to a penalty of not less than .£2 nor more than $100, and to pay. treble extra duty.