THE INCOME TAX.

Nelson Evening Mail, Volume XXVI, Issue 75, 1 April 1892, Page 2

THE INCOME TAX.

(Wellington Evening PO3L)

The regulations for the new Income Tux have been gazetted. Returns must bo furuiHhed within fourteen daya of the issue of the necessary forms, by evory person or company deriving: iucotne, every attorney or agonfc for nny person absent from the colony, and every trustee of any trust. Parfcaorahip returns are to be made by tbo partner first named in tho style of the firm, or by the chief rcaidoat partner, or where uone of tho partners are resident, by their manager, In. the caso of companies, all returns ate to be accompanied by the last published balance-sheet. Every employer, either public or private, is required to furnish the names of all hia employed with the salaries paid to them. Should the Comtnissiouor bo dissatisfied with any return b. 9 may require it amended, and may <ull upon the person making the return to furnish /or bin examination any books or papers whioh he may consider ueoeaaary. I A penalty not excelling £50 is providsil for ! non compliance with this regulation. The firafc returns of iuoome are to be for the year [ oommenoimg Ist April next, but are to be based on the iujjmea of thj yeor then closed Oa itho completion of the returns a register will ba nude ol incomes liable to taxation, and all persona wbosa names appaar oa this regiater will steaoive doliqq ot assessiaeot in I due course. Objections to euoh assessments will come b&foxo Board 3of R?vieiv, sq in tne Land Tax, and these Boards noay roduoe or increase aa thej aoo flt. The OoTimieaioner i 3 entitled to object oa the grounds of tho aoiouut bjing tou little, nnd 10 have ii raiseil. Tho form of return provides that in the case of incomes derivable from business the person making the returns shall state hia revenue - (1) From interest on money deposited ; (2) from interest oa bonds, dobea . turos, &o. ; (3) from annuities or other annual payments; (4 and 5} from trade, burfiness, or manufacture, in or out of the ojlony ; (<J) hvta ptstoral lands of the Crown j (7j from mining othor thau coul mining ; (8) from auy othor souroe. Prom tiie gross iticouio availabli, from theae aonvoc:3 aro to bo deducted any " loa-aes outgoings, aiid expenses iuourrcd in its production."

Gross incomes derivablo frqm employment or emolument ;ae b) bo returned — (1) From profession, employment, or voofttion ; (2) from salury, wages, allowftnoes, peusiuns, stipends, or anuuifcios of any kind not oharged oa laud ; (3) from commis sion or profits iv liou of salary ; (4) from any other source, From these may bo made a similar deduction to that already stated, pad from both classes may be deduotod tho amount paid for life insurance premiums up to ±'60, and land tax on premises occupied by the person making tho returu. Incomes derivable from land or tho produoo of land, or mortgages on laud, need nob bo inoluded in tiio returns.

To each return is appended a declaration as to its truth and aoouraoy, whioh requires to ho signed, and tho penalty for failing to make a return in propor time, or for making a /also refcuru, ia a Una of &b to A'loo, and liable to extoi tax. JNo person in reoeipfc of lesa than £160 per auuuai need make n return, noithor need employars in returaing daluriea paid by them include any uudor this amount,

Iv the oaae of companies, the iuoonie ia to iuuluda dividends earned, sums oarriod to reserve fuud, and any profits not divided anioiig shareholders or others entitled to receive them during the year. Ooinyiautea must also furnish roturns of their debenture holders, and the interest paid to them,

Attached to the forms o£ return will be explanatory extracts from " Tho Land and Income Assessment Act, 1891," The Act provides that ia tho oase of individual salaries each person, will be allowed a total exemption of £300 per annum. Iv the case of iucoinoa derived from business, oxoinptiou to this amount will be allowed for eaoh member of a firm, provided fchafc no person U allowed uioro thau oue suuh exemption, The epeoitU exemptions; from Che tax in qlude tovenueo derived from tha Queen, in New Zaalauii, by th'a Governor aa reagects Uw cfiioe, by auy loaal governing bodj, by F«<jud.ly ftudßuildiog Societies, Booietua

not oondaotaa for putpoaaa ot gain, and incomes derived from hna. It ia epeoffioalty laid down that deductions may not inolnaa sums expended ia repairs ol premises, or reaafrs or alterations to implements or machinery used in the production of the maoma, beyond tbe earn usually ex; pended lor euoh purposes ; or losses not conneated with or Briaiog from the special basU neaa or employment from whioh the inaome ia derived. Nor may they inolade bad debts, except suoh as ara proved to be bad to tho Commissioner's Batisfaotion ; disbursements or expenditure not being money wholly and exclusively laid out or expended for the purpoßaa of the taxpayers business or employment ; expenses or maintenance of individuals, families, or domestio establishments; rent or value of any dwelling house or offices except buoh parfc aa may ba used in earning tho income ; or sums expanded for any pur* pose distiuot from the purposes of such business or employment ; or interest on any cum used as capital in the business Allowanoeß made by way of house -rent, und all amounts receivable by way of extra salary, bonus, or allowance, are to be considered us part of the taxable income. Any person or company shall also be entitled to deduot 6 par cent, on the amount upon which he would ba liable to pay laud tax on any land or premises used for the purpoaea of tho business or employment from whioh ; fie derives hia income, i Ia addition, to the penalties already oifcad. any person aiding or assisting in any mauner i a \ B v , I . a L , lalea MlUcnß of evade the Act shall bo liable to a penalty of from M to £60, , and all agents shall be liable for the conae quencea ol their own neglect. Any parson obatruoting an officer acting undar tha lot oe refusing to answer the questions ha may pub to him, or giving a lalao or evasive answer will be liable to a panalty not exceeding £50. tiucthet, any person wilfully making any false statement will ba deemed guilty of perjury, and dealt with aooordingly,