INCOME RETURNS.

Waikato Times, Volume 119, Issue 19901, 2 June 1936, Page 9

INCOME RETURNS.

i 1'“! 1034-35 FIGURES. i .._... ‘ EFFECTS OF DEPRESSION. ‘ The Government Statistician has ‘just issued the detailed return ‘of income in figures for 1934-35. The statistics show that the total income assessed for the year was £3,618,599, equal to is liéd in the pound of assessable income and ‘25 tom of taxable balance. The number of taxpayers was ($3,950, with an assessahlci income of $153,104,170. as icomparetli with 55,235 tuxpuym‘s with an assess—ahle incomn of $239,099,513 for tltci year 1929—30. t "The nmst important source as regnrds nutmhet‘ of incomes, number of tuxnayct's and amount of earned and absessnhlc income, is that of salary ililtl wages," slnlvs tho, Government. FLalistlvhtn. “'l‘his source also imnts‘ in tho tnultvt‘ nt’ exmnntinnswsn nnn'h‘ Sn that its total of £2B,]3s,:’ittti ais—sossahlo income in Jilin—Sift shrank tui :1 (‘nnwnt'ntiH-ly hm- l.’l.\uhln lvnlntn‘v nt‘ £3,871L85i, \\ltii'h \\ns unfit-55ml [ol' only £l‘.‘.’-.tl.’t7 nt‘ an, Atnlnm tho. rtnnnnnios. thosv \\ltit'h tlvrinnl lln‘h'l tntmmo nuinly I'l'ltlll mnnnvt'cv. truth: “1' I)ll.~tillt‘>.~' t'upt't‘st‘ntcrl nt-nl'ly lntlt‘ at the [mini thtntit't's nntl \\'l‘” Ith‘l‘ ltitll' Ul.tllt‘ilK_L'l'|"plilit'itNNt‘sSiilill‘ invunn‘ unit ut‘ the tax tlsm‘ssvtl l'tn' llit‘ class. ‘- [if llm I'Jtl,t3.>ii ‘intlivitittnls' ('t)\'-m-r-tl by tln‘ >t.ttistii'.<. n.) fmwt‘ than. ”11-iii tfiit llt‘l‘ tt-i-ntl't ltntl élhfif‘SSfliUt‘ illl'tlllil“ nt lllllll‘l‘ L‘lltlt). tht-it‘ int-Inni‘s nx'gt’nmling Elt‘u,lt?lt,ni:l~—:ts pm- t‘l‘lll. nt' tiw intul t’tn' thv I'LISS. Hni)‘ unc['tztll'Hl nt' litl‘hi‘, intli\'i<ln;tls ltuti :In_\' tttxnhln llnlntn'u lr-t't ut'tm' tln‘ stutn-‘ tin-y oxmnpliuns inul lmt‘n tlltlt]it‘ti,t [tn-tr myrrh-gain tuxulnn lnllznn-t! liningt only £N’tll..‘ils.‘l, m' it With m'ct‘ onu—--I\\(-ntii'ih 01' [itt‘ :tK:—:i‘t':."nlt' :tsm'ssuhlu int'mnt‘ nt‘ intihitlnnls Innir‘t' thv 5:30” mark. tlt‘ thn lih'tl t-untpnnit's t'll\— I'i't‘ti, lftiL' -_tn.~l nwl' it;tlt"t innl av] wssnhiv itn'nnn- Inuit-r smm, ‘l'Ew ('rnnltinml invntnos .tt‘ tltvsr liti'l taint--y-rt unly tt::7.~‘:i:t. ur In» than *2 ['l'l' t‘f‘lli. ut' inuntnr- l't'tlil'iil'tl it} till vnnt~ mnir‘s. 't'itv ti? 4'Itlll['1llll">’ “Hit in—‘ t‘rilllffh nt' “H.OOO .n‘ mm' l‘t‘]'|i'l‘>l‘ili"tl lit»; than 3. [mt' m'nt. ut' all t'tllllllllllit‘h.! Httt innl llt‘itl") It! imt' t'vnl, ttn‘ntiiipl .30 at lltv tlL'Tl't‘Jtlil‘ inuunn' I'nt‘ HIT)! t-i._‘~._ t Sources of Income. i . " or the gross assessable lnrnmn oft

£53,194,170, £35,097,398 (66 per cent.) ranked as earned Income, and as such was exempted from the special emergency surtax of 33 1-3 per cent, on standard rates payable on unearned income of individuals, but not of companies. Among the various source groups for the individual class, earned income expressed as a proportion of assessable income ranges from 97 per cent, for salary and wages to only six per cent, for investments, etc. Generally speaking, the proportion of earned income falls as the income category increases. Only £12,51G of the £284,148 assessable income of the 47G9 ‘individual’ taxpayers who had less than £2OO income was ‘ earned ’ income. “No fewer than G 0,996 individuals (slightly over half of those furnishing returns) had no taxable balance after the application of the various exemptions. These had an aggregate assessable income of £15,422,580 —35 per cent, of the total for the salary and wages class. Including the 60,996 with no taxable balance, 100,475 (83 per cent.) had under £2OO taxable balance, their aggregate assessable income (£27,200,117) representing 03 per cent, of the total for the class. Their taxable balance (£2,710,326) was only 10 per cent, of their assessable incomo and 17* per cent, of the total taxable balance for the class.” The Government Statistician concludes by slating that. 34 per cent, of the companies received a very small income, being assessed for lax at lot'll 1 iiumboi-of 111 ' 7 Pei ’- cent ' of lhe large enough incomes for an assessment of more than £IOOO of tux.