INCOME TAX AMENDMENTS

Greymouth Evening Star, 20 December 1933, Page 5

INCOME TAX AMENDMENTS

CONCESSIONS AND LOSSES. [PER PRESS ASSOCIATION.] WELLINGTON, December 20. The Land' and Income Tax Amendment Act of last session, granted exemption of £5O for a married man in respect of his wife. Provision is made in a Bill introduced to-day, to grant the same exemption to a woman who supports, her husband. Cases of hardship have arisen where a widower or widow has to pay a housekeeper to look after the children, and the same allowance is. now proposed as if the housekeeper were a wife or in the case of a widow, a husband.

Public amateur sports bodies such as the New Zealand Rugbj r Union, Cricket Council, etc., are granted exemption from the tax on income other than gate receipts. Gate receipts were never assessed, but interest from investments was. The new provision gives total exemption. It is proposed to exclude from the exemption the premiums paid on a special class of insurance policies, which are purely investments. These policies require no doctor’s certificates, and in case of death premiums only are returned. It is held that exemption in such cases was not contemplated by the original Act, in which the intention was that provision for dependents after death should be encouraged. A special provision is applicable to the assessment of income tax on interest on capital, borrowed out of New Zealand. It states the amount deducted from total income by the borrowing company in respect of interest on such money shall be separately assessed, and the tax on it shall be charged against the lenders of the money.