THE FARMER AND HIS PROFITS

Shannon News, 1 August 1922, Page 2

THE FARMER AND HIS PROFITS

THE INCOME TAX PROBLEM

Quite recently a farmer, with holdings of a considerable value, was compelled to file his scfoedu/le in bank-

ruptcy owing to the pressure of his creditors, >ii view' of the involved state of his finances and his inability to say just how he stood. Although a highly practical farmer, he had never thought it' necessary to add bookkeeping to his other accomplishments, and it was only when he came face to face with disaster that he realised what h,e should have known all 'along, that farming, like every modern business, cannot be carried

on by rule of thumb. His is not an isolated case, lor who does not. know the farmer whose only record of his

transactions is a pile of receipts skewered on a file? In view of the large sums involved in .the conduct of a modern farm', some eomplehensive yet simple system of keeping the accounting is as necessary to the

undertaking as the milking machine or any other part, of the present-day farm equipment, and it is with tho object of meeting this need that the Pason Taxpayers’ Compiler and Selfbalancing Ledger'has been prepared

and placed on the market. This remarkable compiler has been drawn up by accountancy experts specially to meet the needs and requirements of dairymen, farmers, graziers, orchar^l-

ists, market gardeners, poultry farmers, and apiarists.' By its use the farmer, to whom ordinary bookkeep-

ing would present, endless difficulties, is enabled to‘ keep a complete record of all transactions, showing at any

'time the total of live stock and produce on hand,’ expenditure, wages, sales and purchase of stock and produce, income earned and records of production of farm or station from year to year.

The compiler and ledger, which is based cm the double entry system, combines a series of account books opened up ready for entries, and t.hd farmer is merely called upon to supply the time necessary for making the daily entries. At the end of the year, lne is able to take out a balance which Aivill indicate just how his busi-

ness st;mds. The .compiler, however, does not stop there, for, in addition Jo keeping- a complete record of transactions, it automatically compiles and completes the information required by the Ne,\v Zealand Income Tax Department, so that the farmer using one of ' these excellent devices has no difficulty in filling up his land and income tax returns. The compiler is issued by the Pason Recorder Company, whose offices are at No. 5 Win-

stone [Buildings (late Smeeton’s), Queen Street, Auckland, where the Taxpayers’ Advice Bureau is also located. [Farmers purchasing the Compiler arid Self-balancing Ledger, automatically become subscribers to this bureau for one year, and as such,

are entitled to any advice and assistance they may require with regard t.o taking out their balances, compiling the tax returns, or in any other way. The N.Z. Farmers’ Co-op. Distributing Co. are the distributors for the Wellington Province.