THE PROPERTY TAX.

Oamaru Mail, Volume IV, Issue 1308, 16 June 1880, Page 2

THE PROPERTY TAX.

Dunedin, June 15. At a meeting of the land agents to-day, the following resolution was passed: " That in the opinion of this meeting in the case of persons carrying on business in any branch of trade, manufacture, adventure, or concern in which books are kept, whether as partners or otherwise, the property tax should be leviable on the amount of capital engaged in the business, including any individual or reserved profits, and that for the purposes of the Act the amount of such capital shall be the balance of assets over liabilities as shown by the last immediately preceding balance sheet, not being of a date more than twelve months from date of return of such partnership business, provided always that the Commissioner should have power to require proof of the-correctness of such balanoe sheet if he thought necessary. Further, that'the , return of such capital engaged in trade or business should be kept distinct from the return of private property made by a single person carrying on trade or business as aforesaid, or by the partners of a trading or business firm, and that in making his return in a private capacity, any person engaged in business as aforesaid should add or substract as the case might require the amount standing to his debit or credit in the books of suoh trading or business firm at the date when his private return of property was made."