RETURNS OF LAND DUE 8th. APRIL

Opotiki News, Volume I, Issue 15, 25 March 1938, Page 2

RETURNS OF LAND DUE Bth. APRIL

PENA LT V FOll NEG BELT Furnishing a return of land is an annual duty imposed by law upon all landowners who at noon on the 31st 3larch hold land of an unimproved value according to the Government valuation in excess of £-502. The unimproved value is the value of the land exclusive of buildings, fencing and other improvements. The form, of return lias been made as simple as it is possible to make it. Forms arc obtainable at all post-offices. Details of tile land held at the ’3.lst 3!arch. 1938. should be entered in Part 3 oi; the term. Glider Part 1 particulars of registered mortgages and unpaid purchase-money should be shown each year irrespective of whether any change has taken place err not.

The return should be completed- and returned to the Commissioner of Taxes,* Wellington, CM. on or before the Sth. April. Any -person neglecting to furnish a return is liable to a penalty not exceeding £IOO. Neglect to furnish returns at the prescribed time not only rentiers taxpayers liable to prosecution but also in manv cases for considerably more tax than wofild otherwise he payable. The Act- provides for an exemption in respect of registered mortgages cr balances of purchase-money in certain circumstances, hut to obtain the exemption it is essential that a return showing particulars of mortgages owing should he furnished. The Land and income 'Tax Department cannot assume that- mortgages are owing, and in the absence of a return the assessment is made as though the land were unencumbered. The tax assessed iu these cases may he in excess of the amount which would be payable if the return had been furnished. All persons liable to furnish returns are therefore advised in their own interests to forward their returns on or before the- te.