FINANCE ACT, 1917.

Taranaki Daily News, 11 October 1917, Page 6

FINANCE ACT, 1917.

To the Editor. Sir,—ln connection with the "Finance Act, 1917," dealing with land and income tax, taxpayers should note the following:—Section 28 removes the previous allowance for £2o off income for each child, with a maximum of five children and £425 income, and substitutes an allowance of £25 for each child under the age of sixteen, and dependent on the taxpayer, irrespective .of the number of children and irrespective of the amount of his income. Section 31 provides for a now allowance for depreciation on the actual cost of premises actually used in

the production of the income, the rates being 2% per cent, on brick or stone buildings and 4 per cent, on wooden buildings. As the returns already furnished to the Tax Department for theyear ended March 31, 1917, were made under the old provision, a claim should be made by any taxpayer eligible for the Increased children's exemption, or for the allowance for depreciation of premises. I understand that claim forms will shortly be available at the various money-order offices and will be posted to taxpayers on the receipt of a request accompanied by a stamped addressed envelope.* It is, of course, possible that further imposts may be levied before Parliament prorogues but this is at the moment somewhat uncertain.—l am, etc., C. A. WILKINSON Eltham, Oct. 8, 1917. I