FARMERS' INCOME TAX.

New Zealand Herald, Volume LII, Issue 16096, 9 December 1915, Page 7

FARMERS' INCOME TAX.

PREPARING THE RETURNS. Fabmeks who experience difficulty in preparing their income tax returns may consult Mr. H. 'H. A. Young, inspector from the Income Tax Department, at the Government offices. Customs Street. Mr. Young has been sent from Wellington for the purpose of assisting farmers in this matter, and he will be available until the end of next week. In the Departmental explanation- of the return and how to make it up, it is stated that profits derived from the use of land by the owner or any other persons from grain, sheep, cattle, or any livestock, from the extraction, removal, sale, or treatment of minerals, flax, or timber, rents, royalties, fines, premiums, or any other revenues, including goodwill of any business, are. now assessable. Profits made by dealing in livestock, etc., must also be returned as come. The information asked for is required to enable the correct exemption 'to be allowed and the correct rates of tax to be i assessed. In regard to schedule B, ; ■ dealing with the statement of livestock and produce in hand—one of the principal difficultiesit is explained that if the farmer closes his accounts and takes stock at any other period of the year than March 31, say June 30, or September 30, he is not required to put in this schedule the value of his stock at March, but should in this case enter the stock at June 30 or September 30 in each year. Sales of livestock, produce, etc., may be stated in total. In the expenditure, "Seed bought," does not include grass seed for grassing new country. Wages paid for labour includes wages paid for ordinary running of the farm only. If the taxpayer has any doubt about land values I he may give the description of the pro- I perty, and the Department will ascertain i the value stated in the district valuation I rolL !

Though every farmer can legally be required to furnish a return, the Department for the present year, does not require a return from any landholder who has not received a form. A number of farmers have approached the Department, when their income has been so small that it would be a waste of time to have returns prepared.