LAND AND INCOME TAX.

Taihape Daily Times, 16 January 1919, Page 4

LAND AND INCOME TAX.

COMPILATION OF RETURNS

The responsibility of procuring the necessary forms and making returns of land and .income is imposed upon the taxpaper by the Land and Income Tax Act. Up to two years ago the Land ‘and Income .Tax Department followed the practice of sending out forms to all who were deemed to bo liable under the Act, but when this method was suspended it became necessary for the taxpaper to make application for the necessary forms, a practice which sdli obtains. It is pointed out by Departmental officials that, were the Act strictly enforced it would be necessary for all persons in receipt of an income of any amount to render returns. However, possibly to simplify the work of the Department, the minimum amount on which a return is required is £250. Briefly, returns of income are required by law to be furnished by all companies and persons in business, including farmers. They are also required from all persons in receipt of income from salary, wages, interest, annuity, or

mher annual payment, where such Piersons notwithstanding ) iby reason of the special exemptions allowable by law, they may not be liable to pay tax. Rctuji.s are als> required from all persons and Oonqr j iov owning land in Hew Zealand, except where the total unimproved • 'iff of the land of a taxpaper, as assessed under the Valuation of Lam’ Act. 1908, does n«t exceed £501), v hen a return of land need not. be furnished.