ACCOUNTANT STUDENTS

Dominion, Volume 9, Issue 2588, 9 October 1915, Page 2

ACCOUNTANT STUDENTS

LEOTURE ON INCOME TAX,

lhere was a large attendance of members of the Wellington Accountant Students' Society to near tho lecture delivered last night by Mr. E. J. It. Cumming, F.1.A.N.Z., on the subject of "Income Tax."

The meeting was presided over by Mi 1 . H. A. Gold, F.P.A.N.Z., in the unavoidable absence of the president, Mr. Ernest W. Hunt. The chairman took the opportunity of announcing that Mr. P. A. de Barclay, one of the vice-presi-dents of the society' would deliver his leoture on tho intricate subject of 'Executorship Acoolints" on Wednesday week.

_ Mr. Cumming, the lecturer, who is an inspector in the Incomo Tax Department, displayed a most thorough knowledge of the subject'ho was handling. He was in a position to outline tho Department's decisions and viewpoints on all the debatable aspects of this subject. He dealt in a most comprehensive manner with the intricate subject of depreciation. as well as royalty oil timber lands. His exposition of the law in connection with the land tax was par-' ticularly lucid, and ho omphasised at great length the various exemptionfl allowed by tho Department. Ho dealt at some length with the Finance Act of 1915, which materially alters the law on the subject of income tax, and stated that tlio. deductions for insurance premiums and contributions to the National Provident Fund were now allowed as a deduction from the net income to the extent of £100. The lecturer outlined the general increases in the income tax, which now stood; at 33 l-3rd per cent, on the old rates, and that in addition to the general increase the minimum paid by firms and companies had similarly been increased by onethird, whoreas the maximum for firms and companies on the graduated scale had also been increased. He also stated that farmers' incomes as well as tho rent received from land and buildings would be taxable under the new Finance Act for the first time.

The lecturer was accorded .a hearty vote of thanks for his interesting lecture, and consented to have his lecturo printed in the .transactions of the eooiety. •