TAX ON INCOMES.
ALLOWANCES EXPLAINED.
EXPERT DISCUSSES THE LAW.
Explanations of the application of .lie hand and Income Tax Amendment Act, 1939, and the Finance Act. 1939. in its relation to income tax. were given in an address last evening by Dr. H. A. Cunningham, before members of the N'ew Zealand division of the. Austran>inn Institute of Secretaries.
Dr. Cunningham said that the mariage exemption provision of £.*>o now applied if the taxpayer was married at my time within tltc income tax year. \ Miiiihir allowance to that of marriage was formerly iniuiv in tlic case of a widow, or widower, employing a house:;ce|>cr. Thie was now extended, 'nclnding divorced persons, but was iin it ocl to cases where a housekeeper w:is employed to have the care of children, in respect of whom tlu* employer was entitled to a special
exemption. The children's exemption in turn was now apportioned only in a case where the child attained the age of eighteen years during the income year. The allowance previously made, with a maximum of £»0, in respect to a widowed mother, or mother-in-law, had also been extended.
Dr. Cunningham explained the provisions made for the aggregation of incomes, and said that dividends from companies were included in income for the purpose of arriving at the rate of tax, and the Act included any advances made to shareholders, which the Commissioner of Taxes considered were not investments, but virtually a distribution of profit*.
Dr. Cunningham said that in the ease of soldiers, serving overseas, their pay allowances were not assessable for income tax.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19400412.2.26
Bibliographic details
Auckland Star, Volume LXXI, Issue 87, 12 April 1940, Page 3
Word Count
261TAX ON INCOMES. Auckland Star, Volume LXXI, Issue 87, 12 April 1940, Page 3
Using This Item
Stuff Ltd is the copyright owner for the Auckland Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.