The Feilding Star. THURSDAY, NOVEMBER 5, 1891. Income Tax

Feilding Star, Volume XIII, Issue 55, 5 November 1891, Page 2

The Feilding Star. THURSDAY, NOVEMBER 5, 1891. Income Tax

* — i As most of the business men in our district will bo liable to the tax on 11 income from business," we _ now j quote the Act for their special information. In the first, place we may state that according to the Interpretation Clause of the Act " Income," when ujsed alone, means any gains or profits derived or received by any compeiny^/br person in: any year, or by ;'any, Melaris, or from any source, which is finjade^the subject of taxation under thei-Acti ''Income from business" jnSans the .gains or ( profits derived from-any; trade, vor concern in the -nature of trade, and shall include income SO derived frjin any pastoral lands in the polony held by any per^ son under lease or license issued for or on behalf of th^rown. Tax shall .be assessed, and paid by every person upon the income derived from business, but every person or firm of partners shall be entitled to a deduction of three hundred pounds, and no person whether in partnership or carrying on business alone, shall be allowed more than one such exemption either in respect of " business, or employment, or . emolument." Tbe latter phrase means the gains or profits derived from the exercise of any profession, employment, or yocation of any kind not otherwise liable to taxation under the Act, or from any salary, wages, allowances, pension, stipend, or charge or annuiiy of any kind not charged on land. On the other hand a little pity is shown for those who have incomes of any kind whatever, and it is provided that all losses, and outgoings (whatever that may mean) actually incurred by any person or company in production of income shall be deducted from the gross amount of his income, but no Bum shall be deducted for repairs of premises, nor the supply of or repairs, to implements, utensils or machinery employed in a business beyond the sum usually (sic) expended in any year, nor for losses outside the business, nor for any bad debts, except bad debts proved to be such to the satisfaction of the Commissioner ; or any disbursements or expenses .of . maintenance of the parties, their families, or domestic eatabhshments. There are a number of other exceptions of no general interest. Every company, local authority, and person carrying on business shall furnish the Commissioner with lists of persons employed and tbe wages or stipend paid to each other person. How many fish will be caught in the meshes of this part of the net we cannot even conjecture, but judging by what we know of the colony and its people, we should think they will be fewer and smaller than the promoters of the Act imagined or hoped, when they truckled to the " labor party."