COMPANY DEBENTURES.

Hauraki Plains Gazette, Volume XXXII, Issue 4299, 3 August 1921, Page 3

COMPANY DEBENTURES.

FULL INTEREST PAYABLE.

WITHOUT TAX DEDUCTION.

“If my income is under £3OO, and I buy company debenture-., can ; get a refund of the amouiu of the debenture tax ? If so, how shall I go about it ?” A good m.any people appear to be asking -this ‘sort of question nowadays. Debenture issues just now are a popular form of investment for the small investor- as well as for the big. It will be of interest, .therefore, to ■small investors whose incomes are under £3OO a year to learn that if they follow the prescribed procedure they can secure the full interest payment without deduction of the tax at all. The debenture holder has only to make a declaration on a printed form drawn up for the purpose, and on presenting this to the company or local authority from which he dar.ws the interest on his debentures, he will, assuming it is in cflrder, be paid the full amount of interest without any deduction for. debenture tax. A taxpayer whose income is above £309 a year,, but by reason of exemption or otherwise renders him 'liable to pay a lower itate than the 2s 6d in the £ charged on local authorities’ debenture interest or the 3s in the £ charged in the case of companies, can also secure a refund of part of the debenture tax deducted, from his interest payment. In this case, when he draws his interest, he can pbtaia from the company or local authority paying it a certificate (they are printed forms) stating the amount of the tax deducted. This certificate has to be sent by the debenture-holder to the Commissioner of Taxes, together with his return of income, and the Department will make any refund that may be due. The procedure is simple enough; and the forms of declaration and certificate can be obtained from the Taxing Department.