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RETURNS OF INCOME DUE Ist. JUNE

PENALTY FOR NEGLECT Furnishing a return of income is an annual duty imposed by law on all companies and persons- in business, whether for the whole or part of the income year and irrespective of whether a profit or a ios.s was made; also by all persons in receipt c-f income from salary, wages, bonus, allowances, interest, rent, annuity or other annual payment, where such income in conjunction with income from free-of-tax Government securities, company debentures issued free of tax, and from dividends or other profits from .shares in companies trading in New Zealand! exceeds £2OO per annum.

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.

Form No. ' 3>, which is now obtainable at all post-offices, is the form to be utilised by all individual taxpayers, partnerships and estates.

Form No. 4 is to be utilised by companies. -

The return should be completed and forwarded to the Commissioner of Taxes, ~Wellington, C. 3, on or before the IsC June. If for any reason the return c-annof be furnished by the prescribed date application sbould be made for- an extension of time. Where returns are accepted compiled to a date subsequent to the 2.lst. March, they should be furnished within two nic-nths of 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 £l(X)'.

Neglected O' furnish returns at the prescribed- time not only renders taxpayers liable to prosecution, but also results in many cases in an assessment of considerably more tax than would otherwise be payable.

In the absence of a return the Department- has power to make an assessment of an amount on. winch it is considered taxi ought to be levied'.

The acceptance of the estimated assessment does not, however, absolve the taxpayer from the duty of furnishing a return. If the tax payable under the estimated assessment is less than the amount of tax payable on the taxpayer’s income, the taxpayer may render himself) liable to 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 for failure to make returns in the past should be 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 Ist. June.'

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/OPNEWS19390522.2.27

Bibliographic details
Ngā taipitopito pukapuka

Opotiki News, Volume II, Issue 185, 22 May 1939, Page 4

Word count
Tapeke kupu
421

RETURNS OF INCOME DUE Ist. JUNE Opotiki News, Volume II, Issue 185, 22 May 1939, Page 4

RETURNS OF INCOME DUE Ist. JUNE Opotiki News, Volume II, Issue 185, 22 May 1939, Page 4

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