SECURITY TAX FORMS
CHANGE FOR DIVIDENDS The latest form issued by the Commissioner of Taxes for the declaration of income for social security and national security tax purposes differs from those used in recent years in regard to income received in dividends. In the past taxpayers have had to declare dividends or other profits from shares in companies, whether in New Zealand or elsewhere, and then to claim, under a separate clause, a deduction for dividends on which the security charges are payable by the company. In the new form there is no such obligation. Clause 4 states: —"All companies trading in New Zealand (with the exception of life insurance, gold, scheelite, petroleum, or mercury mining companies) are now liable for social security charge and national security tax on their income. Dividends from such companies liable for the charge are therefore exempt in the hands of the shareholders and should not be included in this declaration."
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Bibliographic details
New Zealand Herald, Volume 79, Issue 24249, 15 April 1942, Page 6
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156SECURITY TAX FORMS New Zealand Herald, Volume 79, Issue 24249, 15 April 1942, Page 6
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