THE INCOME TAX

Evening Post, Volume XC, Issue 86, 9 October 1915, Page 9

THE INCOME TAX

ASPECT OF RECENT FINANCIAL LEGISLATION. The interest and vitality of the Wellington Accountant Students' Society was shown in a remarkable manner last night by the very large attendance of members who attended the lecture delivered by Mr. E. J. R. Cumming, F.1.A.N.Z., on the practical and engrossing subject of "Income Tax." The meeting was presided over by Mr. 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. F. A. de Barclay, one of the vice-presidents of the society, would deliver his lecture on the intricate subject of "Executorship Accounts" at> an early date. Mr. Cumming, who is an inspector in the Income Tax Department, displayed a thorough knowledge of the subject he was handling, and was in a position to outline the Department's decisions and viewpoints on all the debatable aspects of his subject. He dealt in a most comprehensive manner with the intricate subject of depreciation as well as royalty on timber lands. His exposition of the law in connection with tie Land Tax was particularly lucid, and he emphasised at great length! the various exemptions allowed by the Department. The lecturer dealt at some length with the Finance Act, of 1915, which materially alters the la.w on the subject of income tax. He stated tha-t the 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. He outlined the general increases in the income tax, which now stood at 33£ per cent, on the old rates, and stated that in addition to the general increase, the minimum paid by firms and companies had similarily been increased by one-third, whereas the maxiinium for firms and companies on the graduated scale had also been increased. He also stated that farmers' incomes, as well as the rent received from land and buildings, would be taxable under the new Finance Act for the first time i Mr. Cumming was accorded a. hearty vote of thanks for his interesting lecture, and consented to have his lecture printed in the transactions of the society.