RETURNS OF INCOME

Huntly Press and District Gazette, Volume XV, 22 May 1931, Page 2

RETURNS OF INCOME

PENALTY FOR NEGLECT. Furnishing a return of income is an annual duty imposed by law on all companies and persons in business, whether for the whole part of the income year and irrespective of whether a profit or a loss was made; also by all persons in receipt of income from salary, wages, interest, rent, annuity, or other annual payment, where such income exceeds £250 per annum. Returns are required annually from such persons notwithstanding that by reason of the special exemptions allowable by law they may not be liable for tax. Form No. 3 which is now obtainable at all post offices, is the form to be utilised by all individual taxpayers, partnerships, estates, and commercial, industrial, or investment companies. The return should be completed and forwarded to the Commissioner of Taxes, Wellington, on or before the Ist June. If for any reason the return cannot be furnished by the prescribed date application should be made for an extension of time. Where returns are accepted compiled to a date subsequent to the 31st March they should be furnished within two months of that date. Any person required by law to furnish a return and neglecting to do is liable on conviction to a penalty not exceeding £IOO.