INCOME-TAX EXEMPTION
Many enquiries havo been made in regard to tho 'effect of the Land and Income Tax Act passed last ies'ion, which provides for an increase in llie exemption of income by a concession in regard to children, under the age of 16 years. It is explained by tho Department that the Act does not apply to tho assessment of income tax for the year commencing lbt April, 1913. Tho exemption will bo allowed in tho assessmont of tax for the current year, 1914-16, which in based on tho income derived during the past financial year,_ ended 31st March last. The concession is restricted to children under the ago stated, and 'no taxpayer can secure tho exemption^ for more than five children. No deduction is allowable in the case of 'a child born subsequent to 31st March, but prior to the date by which the returns have to bo made, any claim in those circupistances boing ineffective until the next assessment. Tho exemption is £25 for each child, under 16 years of age, up to five children. /
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https://paperspast.natlib.govt.nz/newspapers/EP19140521.2.111
Bibliographic details
Evening Post, Volume LXXXVII, Issue 119, 21 May 1914, Page 8
Word Count
178INCOME-TAX EXEMPTION Evening Post, Volume LXXXVII, Issue 119, 21 May 1914, Page 8
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