FARMERS' INCOMES.

Auckland Star, Volume LXVI, Issue 243, 14 October 1935, Page 8

FARMERS' INCOMES.

UNEMPLOYMENT TAX LEVY. CHANGED BASIS RECOMMENDED. (By Telegraph.—Own Correspondent.) DARGAVJLLE, this day. A meeting of the Northern Wairoa sub-provincial executive of the Farmers' Union adopted a Bay of Islands remit aflinning the opinion that the unemployment tax should be levied upon farmers' net income, after making necessary deductions, including depreciation of tin! value of the land, livestock and buildings. Mr. 1). 11. Hammond said that primarily the tax was one on net income, and that was how it should affect the farmer. Capital should not come into the question at all. He estimated that two-thirds of the farmers in the Dominion were showing as taxable income aiiMunts which they had nev.jr actually received. Mr. A. E. Robinson mentioned cases in which ho said special investigation disclosed the payment of tax 011 amounts not actually received as income. In some of these a loss had actually been incurred, and the reserve capital in the bank substantially reduced, and yet the tax had been paid.

Mr. F. Petrio said that an inspection was now being marie of farmers' returns over the 1031-34 period. While he had been told that replacements could not be deducted he had since ascertained that this could be done.