SOCIAL SECURITY

Bay of Plenty Beacon, Volume 6, Issue 70, 7 May 1943, Page 3

SOCIAL SECURITY

AND NATIONAL SECURITY TAX

INSTALMENTS NOW DUE

In last issue appeared an intimation from the Commissioner of Taxes in connection Avith the obligations of taxpayers in regard to the Registration Fee, the furnishing of declarations of income other than salary or wages, and the payment, of the May instalment, of. the charge thereon at 2s Gd in the pound.

All male and female persons., including Maoris, 10 years of age or over, must pay the registration fee or establish a right, to exemption in respect of each instalment. All persons entitled to exemption, including persons in receipt of an age bene-» fit from the Social Security Fund and who are not. in receipt of any other income, are reminded that tliey may be held liable for payment of the instalment unless a claim foxexemption is completed and presented together with the coupon book at a money order office within seven days, after the last day for pa3 rment. of that instalment. Failure to pay renders defaulters liable, on summarj' conviction, to a fine of £5. In addition, a penalty of 0d per month with a maximum penalty of 2s Gd for each instalment automatic-; ally accrues if payment is not made within one month of the due date. AH persons who are in receipt of monetary benefits under the. Social Security Act, 19H8, other than sickness and unemployment, benefits, and all persons entitled to payment under the War Pensions Act, must produce their coupon hook when claiming the instalment, payable in the month of June.

All male and female persons (including natives), 1(j years of age or over, and trustees are required, during the month of May, to furnish declarations of income other than salary- or wages derived during the year ended March HI, 1913, and to pay the iirst Quarterly instalment of Social Security Charge anil National Security Tax at the rate of 2s (id in the pound on sui'h income. Trustees are liable on all income derived by an estate or trust, whether or not the beneficiaries are entitled to receive such income during the

income year. A special J'orm is provided lor the purpose of declarations bv trustees.

A penalty of 10 per cent is payable on any amount of the charge not paid within one. month of the due date. Income other than salary or wages derived by a person in re-> ceipt of a war pension in respect of total disablement through service in the 1914-18 Avar is exempt from the Social Security Charge. Monetary benefits from the Social Security Fund are also exempt.

The notice draws attention to an important change in the procedure to be followed by companies, or corporate bodies. Declarations of. in-

come are. no longer required and companies will be assessed for Social Security Charge and National Security Tax on the basis of the return of income furnished for income tax purposes. The combined charge will be payable, in one sum instead of by quarterly instalments a.s hitherto. The due date for payment avill: be, fixed by O'rder-in-Council and demands will lie issued in tire same manner as. for incomc tax.