UNEARNED INCOME.
INTEREST ON SAYINGS BANK DEPOSITS. (SPECfAL TO "THE POESS.") WELLINGTON, December 4. Some New Zealanders, it. appears, have been evading income-tax on interest on Post Office Savings Bank de-' posits. Demands for tax on such earnings axe being made on certain people by the Tax Commissioner. Some people have been complaining of the action of the Taxing Department, but there is no occasion tor complaint. The Act is perfectly plain on. the subject of income derived from interest. The interest received on Savings Bank, deposits is taxable as "unearned income," and therefore is not subject to the "discount" of 10 per cent., as is earned income; that is to say, if the whole income of the depositor is over £3OO per annum, after allowing for the deductions for insurance, tion, children, widowed mother, and other deductions made, the "blue" return calls for information or income derived from "interest from any other source," and the source has to be stated.
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Bibliographic details
Press, Volume LIX, Issue 17938, 5 December 1923, Page 8
Word Count
161UNEARNED INCOME. Press, Volume LIX, Issue 17938, 5 December 1923, Page 8
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