RETURNS OF LAND

Hutt News, Volume 16, Issue 40, 31 March 1943, Page 2

RETURNS OF LAND

<4, DUE 9th APRIL

PENALTY FOR NEGLECT

Furnishing a return of land is an annual duty imposed by law on all landowners who at noon on the 31st March hold land of an unimproved value according to Government valuation in excess of £500. The unimproved value is the value of the land e.vclusiVe of buildings, fencing and other improvements. Forms are obtainable at all post-offices. Details of the land held at the 31st March, 1943, should be entered in Part 3 of the form. Under Part 1 particulars of registered mortgages and unpaid purchase money should be shown each year irrespective of whether any* change has taken place or not. The returns should be completed and returned to the Commissioner of Taxes, Wellington C 3 on or before the 9th April. Any person neglecting to furnish a return is liable to a penalty not exceeding £100. Neglect to furnish returns at the prescribed time not only renders taxpayers liable to prosecution but also in many cases for considerably more tax than would otherwise be payable. The Act provides for an exemption in respect of registered mortgages or balances of purchasemoney in certain circumstances, but to obtain the exemption it is essential that a return showing particulars of mortgages owing should be furnished. The Land and Income Tax Department cannot assume that mortgages are owing, and in the absence of a return the assessment is made as though the land were unencumbered. The tax assessed in these cases may be in excess of the amount which would be payable if the return had been furnished. All persons liable to furnish returns are therefore advised in their own interests to forward their returns on or before the above date.