RETURNS OF LAND.

Waikato Times, Volume 107, Issue 17975, 21 March 1930, Page 2

RETURNS OF LAND.

PENALTY FOR NEGLECT. Furnishing a return of land is an annual duty imposed upon all landowners who at noon on March 31 hold land of an unimproved value according to the Government valuation in excess of £SOO. The unimproved value is 'the value of the land exclusive of buildings, fencing and other improvements.” The form of return has been made as simple as it is possible to make it. . Forms are obtainable at all post offices. Details of the land held at March 31, 1930, should be entered in part 3 of the form. Under part 1 particulars of registered mortgages and unpaid purchase-money should be shown cadi year irrespective of whether any change lias taken place or not. The return should lie completed and returned to the Commissioner of Taxes, Wellington, on or before April 8. Any person neglecting to furnish a return is liable to a penally not exceeding £IOO. Neglect to furnish returns at the prescribed time not only renders taxpayers liable to prosecution but also in many cases for considerably more tax than would otherwise he payable. The Act provides for an exemption in respect of registered mortgages or balances of purchase-money in certain circumstances, but io obtain the exemption it is essential that a return showing particulars of mortgages owing should be furnished. The department cannot assume that mortgages are owing, and in the absence of a return the assessment is made as though the Jand were unencumbered. The tax assessed in these cases may be in excess of the amount which would be payable if the return had been furnished.