SIX N.Z. INCOMES IN 1954-55 EXCEEDED £50,000

Press, Volume XCVII, Issue 28551, 2 April 1958, Page 12

SIX N.Z. INCOMES IN 1954-55 EXCEEDED £50,000

(New Zealand Press Association)

WELINGTON, April 1. Six persons in New Zealand had returnable incomes of more than £50,000 in the year 1954-55, says a report on income and income tax statistics, issued by the Department of Statistics today. Of the 523 persons who had returnable incomes of £lO,OOO or more during the 1954-55 taxation year, 46 were women, and only eight of these had aggregated incomes. That is, eight were living with their husbands and did not apply to have their incomes assessed separately. The report says that there was an unknown number of separate assessments. Of the 523 persons, who had 458 children, 517 paid tax amounting to £2,458.000. The six persons with £50,000 or more paid £52,000 in tax. The total number of assessments made in 1954-55 was 648.860, and the total number of taxpayers 576,000. The total tax assessed was £46,740.000. Shdfn farmers formed the group'with the most money, 3138 assessments being made of incomes in excess of £4OOO. Only 129 tax-paying dairy framers fell

into this class. Builders had 77 representatives in that group, doctors 195, and lawyers 198. There were 1210 assessments issued to clerks with assessable incomes of £4OO or less, 1070 to shop assistants, and 1170 to persons not actively engaged (estates and so on).

On the income of companies (including Government departments) the report notes that 18 had returnable incomes of £500,000 or more. They paid £6,801,000 in tax, and social security charges amounting to £1,200,000.