LAND AND INCOME TAX

Otago Daily Times, Issue 27081, 16 May 1949, Page 2

LAND AND INCOME TAX

RETURNS REQUIRED THIS MONTH Persons required by law to furnish returns of income and who fail to do so are liable to prosecution under the penal clauses of the Land and Income Tax Act. Returns of income are required to be furnished by all companies and persons in business, including farming, or in receipts of profits or gains derived from the extraction, removal or sale of minerals, timber or flax; also by all persons in receipt of income from salary, wages (including bonuses, overtime, allowances etc.), interest, rent, annuity or other annual payment, or dividende or other profits from shares in companies where such income exceeds £2OO a year, whether the income from interest, rent, annuity or dividends is derived from a source within New Zealand or beyond New Zealand. Returns are required annually from such persons notwithsanding that by reason of the special exemptions allowable by law they may not be liable for tax. In the case of a person who derives income from farming and also from a profession or trading or manufacturing concern, it will be necessary to furnish two returns (forms 3A and SB). The return should be completed and forwarded not later than June 1, to the branch office of the Land and Income Tax Department where the taxpayer’s records are filed. If for any reason the return cannot be furnished by that date application should be made for an extension of time.