RETURNS OF INCOME DUE 2nd JUNE

Hokitika Guardian, 16 May 1930, Page 2

RETURNS OF INCOME DUE 2nd JUNE

PENALTY FOR NEGLECT.

Furnishing a return of income is an annual duty imposed by law on all companies wliicli, and persons who, whether for the whole or part of the income year, were in business, or in receipt of profits or gains derived from owned at any one time during the infer agricultural or pastoral purposes if the unimproved value of ail such lands date subsequent to the 31st. March they come year was not less than £14,000, of in receipt of profits, or gains derived irom the use or occupation of any Crown land or other land administered b,v a Land Board and held as a small grazing-run or lor pastoral purposes, or derived from the use or occupation of any other lands reserved, set opart, or granted by. the Crown as endowments and occupied for pastoral purposes, irrespective of whether a profit or a loss waß made; also by all persons , receipt of income* from salary, wages, interest, rent, annuity or other annual payment, where such income exceeds £259 per annum.

' -Returns-are required annually from such .companies and person*’, notwithstanding that by reason of the' special exemptions; allowable by law they may’ riot: he liable for tax. •• ‘ ! ''

! Form No.. 3 which is now obtainable at,mil..post-offices, is fchb-'foriri to be utilized by all individual taxpayers, partnerships*: estates, arid -commercial, industrial, fit investment cwnpaniev' Tho , return -should be completed and Eir.wai'ded 'to ’tho Commissioner of Taxes, Wellington,* cm or' before • the 2nd. June, If. Top any--reason the return cannot be furnished by the prescribed date, application should . be made for an extension of time, Where returns are accepted, compiled to a date subsequent to the 31st. March they should be - furnished within two months after that date.

•.Any person required by law to furnish a .return and neglecting to do so is liable on conviction .to a penalty, not exceeding £10p.,,,, • A- -; ■-. Neglect to j furnish . returns at the proscribed time .not : only, repders taxpayers liable to. prosecuting-/> but also results ip many,cases in an assessment of' considerably more, tax than would otherwise be payable.;', .j i-V. v.-. ‘ln the absence of a return the Department has power ; to. 'mike a'p, assessment of. an amount, oh.which it is considered tax,(.ought; to .Be ,levied. The acceptance .'of the estimated assessment does .not,' howeiver,-; absolve the taxpayer from the duty of furnishing a *oiuwtv< -fo• If the'tax payable under the estimated assessment is (more than the amount payable on the .taxpayer’s, actual assessable income, the, taxpayer may render himself liable .for the higher amount in addition to. prosecution, for failure to furnish the return-., at,. the. prescribed time. . , y . .If the tax jpaynblp under' the,estimated assessment. is less .than, the amount of ta.x on taxpayer’s assessable income, ( ,the,taxpayer may render himself liable,,t,o.,a penalty of treble the amount of such deficient tax in addition to prosecution for failure to furnish The return. at, the prescribed time,

: : Reports of prosecutions foy, failure to make returns in the past, should he taken as a warning, and, all persons liable'to furnish"'returns are therefore advised in their own, interests to forward such returns on or before the 2nd. June.