RETURNS OF IN COME

Auckland Star, Volume LXXVI, Issue 118, 21 May 1945, Page 6

RETURNS OF IN COME

PROSECUTIONS FOR NEGLECT

.Returns of income are required to be furnished by all companies and persons in business, or in receipt of profits or gains derived from the use or occupation of all lands used for agricultural or pastoral, purposes (irrespective of the value of such lands), or in receipt of profits or gains derived from the extraction, removal or sale of minerals, timber or flax; also by all persons in receipt of income from salary, wages (including bonuses, overtime, allowances, etc.), interest, rent, annuity, or other annual payment, or dividends or other profits' from shares in companies where such income exceeds £200 per annum, whether the income from interest, rent,, annuity or dividends is derived from a source within New Zealand or beyond New Zealand. The return should be completed and forwarded to the Commissioner of Taxes on or before June 1. If for any reason the return cannot- be furnished by. the prescribed date, application * should be made for .an extension of time.- Where re- . turns are accepted compiled to a : date subsequent to March 31 they frshould be furnished within two months of that date. In the absence of a return the Commissioner has power to make an assessment of an amount on which he considers tax ought to be levied. The acceptance of 'the estimated assessment does not, however, absolve the taxpayer from j the duty of furnishing a return. Persons required by law to furnish returns of income are cautioned that failure to supply such returns renders them liable to prosecution under th 6 penal clauses of the Land and Income Tax Act, 1923. Present staffing difficulties in the Land and Income Tax Department render imperative the necessity for strict compliance with the law. For this reason taxpayers are warned that it is the intention of the Commissioner of Taxes to take prosecutions in cases of failure to furnish returns of income.