LOAN LIABILITY.

Auckland Star, Volume LXXI, Issue 237, 5 October 1940, Page 5

LOAN LIABILITY.

BASIS EXPLAINED. ' INDIVIDUAL ASSESSMENT. WELLINGTON, this day. A further explanation of the basiis-1 of the minimum subscription to the 1 current war loan was made by the Minister of Finance, the Hon. W. Nash, 1 in a statement to-day. « The minimum subscription for individuals is, in general," said the Minister, ; to be taken as the excess over £50 (calculated to the nearest multiple of \ £10) of income tax which was payable in February last in respect of income derived during the year ended March 31, 1939. In the case of companies the ' minimum subscription is the excess of income tax (also computed to the nearest multiple of £10) over £70." Mr. Nash produced a table showing the approximate amounts of minimum ' subscriptions from people resident in New Zealand on the total income derived from all sources during the year ended March 31, 1939. This table shows that if the income is earned a single man with £610 will be required to find £10 and a married man on that income scale will not need to contribute anything. In the case of earned incomes of £700, single people will contribute £20 and a married man with a wife only £10. Single persons earning £2000 will contribute £310, a married man with wife £300, ranging down to £240 for a man with wife and four children. Another section of the table deals with unearned income. Under this section a single person receiving £520 will •pay £10, and a married man nil. Married people with no children will commence to Contribute at -the £500 income mark, their contribution in that case being £10. Those receiving an unearned income of £1000 a year will pay as follow:— Single person, £110; married man with wife only, £100; wife and one child, £90; wife and two children, £80; wife and three children, £70; and wife and four children, £50. Those with incomes of £2000 will pay £430 for single persons, ranging down to £340 for a man with a wife and four children. Taxpayers not conversant with the basis of computation are advised to consult an accountant or others versed in taxation matters for guidance, or may apply by letter to the Commissioner of Taxes.—(Press Assn.)