FARMERS' INCOME TAX
■ The position of farmers whose net taxable income has been increased by | non-expenditure on essential farm maintenance, brought about by labour shortage, absence of fertiliser supplies, as well as shortage of supplies of other commodities, was discussed at a Dominion executive meeting of the New Zealand Farmers' Union. The opinion was expressed that farmers should be allowed to create a reserve fund which could be carried forward in their tax returns, and on which they would not be taxed during the current year, conditionally on the reserve being able to be drawn on over a period of three years after the war for expenditure on labour, manure, and materials for the purposes of restoring the capital value of the farms. It was also considered that farmers who entered the armed forces and in consequence had to sell off their stock should not have to pay income tax on the money derived from the sale of such stock*
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Bibliographic details
Evening Post, Volume CXXXIV, Issue 62, 10 September 1942, Page 4
Word Count
160FARMERS' INCOME TAX Evening Post, Volume CXXXIV, Issue 62, 10 September 1942, Page 4
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