RETURNS OF INCOME DUE 3rd JUNE.

Putaruru Press, Volume XXI, Issue 1232, 29 May 1947, Page 2

RETURNS OF INCOME DUE 3 rd JUNE.

PENALTIES AND PROSECUTIONS FOR NEGLECT Return's of income are required to be furnished’ by all companies and persons in business, or in receipt of profits or gains derived from the use or occupation of lands used for agricultural or pastoral purposes (irrespective of the value of such lands) or in receipt 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 dividends or other profits from shares in companies where such income exceeds £2OO per annum, 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 notwithstanding that by reason of the special exemptions allowable by the law they may not 'be liable for tax. The following return forms are available: (Form No. 3, income derived from salary or wages; form No. 3A, income derived from farming; form 38, income derived from business or profession; form 4, income derived by a company. 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' 3B). The return should be completed and forwarded not later than June 3 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 the prescribed date, application should be made for an extension of time. Where returns are accepted compiled' to a date subsequent to March 31, they should be furnished within two months! of that date. In the absence of a return the Commissioner has' power to make an assessment of an amount on which he considers tax ought to be levied. The acceptance of the estimated assessment does not, however, absolve the taxpayer from the duty of furnishing a return. Persons required by law to furnish returns of income are cautioned that failure to supply such returns renders them liable to prosecution under the penal clauses of the Land and Income Tax Act, 1923.