FAMILY BENEFITS
INCOME TAX PROVISIONS REMOVAL OF ANOMALY (P.A.) WELLINGTON, April 5. Referring to the amended procedure relating to children’s exemptions for income tax purposes in connection with the family benefit payable on April 1, the Minister of Finance. Mr. W. Nash, said the income tax return forms relating to the year ended March 31. 1946, would make provision for claims in respect of taxpayers' children under 18 years. The Land and Income Tax Amendment Act passed last year, said Mr. Nash, provided for an exemption in respect of children being allowed for taxoavers, except those receiving Social Security benefits (mainly family benefits) for their children. This tended to bring some injustice to those on lower incomes, who received family benefits last year, and the law would be amended early the next session of Parliament to provide that the usual exemption for all children would be deductible from assessable income. The year ended March 31, 1947, would be the first income year for which the universal family benefit would be paid and. when making income tax assessments on that year and subsequent years, no allowance would be made for children.
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Bibliographic details
Gisborne Herald, Volume LXXIII, Issue 21990, 6 April 1946, Page 8
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190FAMILY BENEFITS Gisborne Herald, Volume LXXIII, Issue 21990, 6 April 1946, Page 8
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