FARMERS’ INCOME

Poverty Bay Herald, Volume LV, Issue 17239, 21 April 1930, Page 8

FARMERS’ INCOME

NEW TAXATION FORMS LIST OF DEDUCTIONS A specimen of 1 lie income-tax return form to be tilled in by farmers, in accordance with last session’s legislation, was gazetted on Thursday. Under the amendments passed by the House last year, returns of income are now required' to he furnished by all who are in business, or in receipt of profits derived from the use or occupation of agricultural or pastoral lands, the unimproved value of. which it not loss than £14,000; or who were in receipt of profits from the extraction, removal, or sale of minerals, timber, or flax, from file use or occupation of any Crown land or other land administered by a land board, and held as a small-grazing run or for pastoral purposes, and from the use or occupation of any other lands reserved, set apart, or granted by the Crown as endownments, and occupied for pastoral purposes, irrespective of whether a profit or a loss was made. The taxpayer is required to supply information as to the sales for cash and on credit of live stock, and produce; as to rentals received for subletting the property : receipts for the hire of live stock or implements; the estimated value of meat and other produce used for private and domestic purposes; the value of th\ live stock and produce on hand at the end of the year; and the purchases of live stock during the year. Deductions arc to include the rent payable for the farm; the rates; the fire, accident and marine insurances; the mortage and other interests; seed bought for annual crops and renewals of pasture; feeding stuff bought for stock ; wages paid for farm labor (not including labor on improvements or any allowance for the taxpayers’ services): rations bought for employees; repairs and maintenance; freight and cartage, manure; and threshing and chaff cutting.