NAPIER LOANS
TAXATION MISUNDERSTANDING
Sums of money borrowed for the purpose, of rehabilitating Napier are, with the solo exception of those amounts expended for the purpose of reinstating homes by residents intending to use those residences' for their own purposes, deductible for the purposes of income-tax returns, according to Mr. M. S. Spence, of Napier, who recently interviewed the Income Tax Department in regard to tljo matter (says the "Daily Telegraph"). "The position in regard to deduction of interest on, rehabilitation leans for taxation purposes is the same! as all other, interest," said Mr. Spence. "If the loan- was obtained and used in the production of the assessable income, then it is deductible, e.g., if a man borrowed moneys to buy.stock or to repair a. building which is used for business purposes, then the interest is deductible, but if he borrowed money from the Rehabilitation Committee to repair Ids private dwelling the interest would not bo deductible, unless ho let that dwelling and yeoived rent from, it." '
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https://paperspast.natlib.govt.nz/newspapers/EP19340302.2.136
Bibliographic details
Evening Post, Volume CXVII, Issue 52, 2 March 1934, Page 9
Word Count
167NAPIER LOANS Evening Post, Volume CXVII, Issue 52, 2 March 1934, Page 9
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