RETURNS OF LAND

Opunake Times, 2 April 1948, Page 2

RETURNS OF LAND

DUE 9TH APRIL PENALIY FOR NEGLECT Furnishing a return of land is an annual duty imposed by law on all landowners wlio at noon on tire 31st March, hold land of an unimproved value according to the Government valuation in excess of £SOO. The unimproved value is the value,of the land exclusive of buildings, fencing and other improvements. Form's are obtainable at all post offices and at offices of the Laud and Income Tax Department. The return should be completed and forwarded (as directed in the notice appearing in this issue) on or before the 9th April Any person neglecting to furnish a return is liable to a penalty not exceeding £IOO. Neglect to furnish returns at the prescribed time not only renders taxpayers liable to prosecution but also in many cases for considerable more tax than would otherwise be payable. The Act provides for an exemption in respect of registered mortgages or balances of purchase-money in certain circumstances, but to obtain the exemption it is essential that a return showing particulars of mortgages owing should be furnished. The Land and Income Tax .Department cannot assume that mortgages are owing, and in the absence of a return the assessment is made as though theland were unencumbered. The tax assessed in these cases may be in excess of the amount which would be payable if the return had been furnished. All persons liable to furnish returns are therefore advised in their own interests to forward their returns on or before the above date.