NEW PROVISION

Hauraki Plains Gazette, Volume 55, Issue 32707, 1 May 1946, Page 5

NEW PROVISION

WAGES TAX PAYMENTS RESTRICTION ON STAMPS RECORDS MUST BE KEPT 5 YRS. The Commissioner of Taxes draws attention to a notice appearing in this issue outlining , new provisions for payment of wages-tax. Under regulations recently gazetted a restriction is placed upon the use of stamps. Elmployers are required from May 1 onwards, to obtain a receipt for all payments of wages tax amounting to £2 or over, which must be paid either in cash or by cheque at any money-order office- or branch office of the Land and: Income Tax Department.

A special form, signed by the employer, his agent, or a responsible employee must be presented with the wages-tax due, when a ' receipt for the payment will be issued. The receipt should he attached to the summary of wages paid, or other wages records for the period covered by such payment and the records retained for

a period of at least 5 years. The wages-tax is deductible at the time of payment from the remuneration of all persons 13 years of age or ; over, and must be accounted flor by the employer within- three days of such deduction unless the period has been extended by special arrangement with the Commissioner of Taxes.

In addition to salaries, such payments as Christmas or other bonuses, directors’ fees, commissions, contract wages, value of lodgings, keep or meals supplied, free house or quarters, or other benefits in kind, etc., are subject to deduction of tax.

Substantial penalties are provided by the Social Security Act, 19138, for failure properly to deduct or account for wages tax.