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Lake County Mail, Issue 50, 19 May 1948, Page 6

Returns of Income Due Ist June

Penalties and Prosecutions for Neglect Returns of income are required to be furnished by all companies and persons in business, or in receipt of profits or gains derived from the use or occupation of lands used for agricultural or pastoral purposes (irrespective of the value of such lands) or in receipt of profits or gains derived from the extraction, removal, or sale of minerals, timber or flax; also by all persons in receipt of income from salary, wages (including bonuses, overtime, allowances, etc.), interest, rent, annuity, or other annual payment, or dividends or other profits from shares in companies where such income exceeds £2OO per annum, whether the income from interest, rent, annuity or dividends is derived from a source within New Zealand or beyond New Zealand.

Returns are required annually from such persons notwithstanding that by reason of the special exemptions allowable by law they may not be liable for tax.

The following return forms are available :

FOEM NO. 3—lncome derived from SALAEY OE WAGES. FOEM 3A —Income derived from FAEMING. FOEM 3B—lncome derived from BUSINESS OE PEOFESSION. FOEM 4 —lncome derived by a COMPANY. In the case of a person .who derives income from farming and also from a profession or trading or manufacturing concern it will be necessary to furnish two returns (forms 3a and 3b). The return should be completed and forwarded not later than June 1 to the branch office of the Land and Income Tax Department where the taxpayer’s records are filed. If for any reason the return cannot be furnished by the prescibed date application should be made for an extension of time. Where returns are accepted compiled to date subsequent to March 31, they should be furnished within two months of that date.

In the absence of a return the Com

missioner has power to make an assessment of an amount on which he considers tax ought to bo levied. The acceptance of the estimated assessment does not, however, absolve the taxpayer from the duty of furnishing a return.

Persons required by law to furnish returns of income are cautioned that failure to supply such returns renders them liable to prosecution under the penal clauses of the Land and Income Tax Act, 1923.