INCOME-TAX RETURNS.

Waikato Times, Volume XXXVIII, Issue 3079, 9 April 1892, Page 2

INCOME-TAX RETURNS.

(BY TELEGRAPH.—PRESS ASSOCIATION). Wellington, Thursday. A memorandum as to assessment of incomes has been prepired by the Commissioner of Taxes, and copies aw to be forwarded to the various pint-offices throughout the colony. Thn circular poiuts out that it is not intended to insist that persons whose income is less than £300 should send in returns, but any parson whose income is more than £300 wiil be bound to furnish a return upon special ilnnand being made upon him to do so. The return of a firm must be distinct from tha 1 -. of the individual partners, and will include nil gains and profits of the firm as provided by the Act. Sums drawn by members of a firm in lieu of salary or wages cannot be deducted as part of the outgoings and expenses of a firm in its return of income, and neither can any drawings by partners, whether weekly, monthly, or yearly. This rule, of course, applies to divisions of profits. Individual partners should not include in their private returns any sums received by them as above. As this is the fir.4 assessment for income tax in New Zealaud, every endeavour will be made to avoid causing what might appear to be unnecessary inconvenience and trouble to companies, firms, and persons carrying on large business. To meet such cases the year's income up to date of last balance will be taken where such balance has not been prior to the 31st December last. When the time for balancing comes shortly after Ist Mav, say not later than 30th June, the estimate of the year's income will be in the first instance accepted and an adjustment made as soon as the balance has been struck. These concessions will be accorded in cases where there is a substantial difficulty in making a return to the 31st March by the time prescribed, 18th insb. Other particulars given in the memoranda were telegraphed last week.