RETURNS OF INCOME

King Country Chronicle, Volume XXXII, Issue 4640, 16 May 1938, Page 4

RETURNS OF INCOME

Furnishing a return of income is an annual duty imposed by law on all companies and persons in business, whether for the whole or 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, bonus, allowances, interest, rent, annuity or other annual payment, where su.ch income in conjunction with income from free-of-tax Government securities, company debentures issued free of tax, and from dividends or other profits from shares in companies trading in New Zealand exceeds £2OO per annum. Returns are required 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 on or before Ist June. Any person required by law ‘to furnish a return and neglecting to do so is liable on conviction to a penalty not exceeding £IOO. Neglect to furnish returns at the prescribed time not only renders taxpayers liable to prosecution, but. also results in many cases in an assessment of considerably more tax than would otherwise be payable.