RETURNS OF LAND DUE

Stratford Evening Post, Issue 68, 25 March 1929, Page 4

RETURNS OF LAND DUE

PENALTY FOR NEGLECT. Furnishing a return of land is an annual duty" imposed by law upon all landowners who at noon on the 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 improvement. •The form of return has been made as simple as it is possible to make it. Forms are now obtainable at all pest offices. Details of the land held at the 3lst March, 1929, should be entered in Part 3of the form. Under Part 1 particulars of registered mortgages "and unpaid purchase-money should be shown. It is necessary to show the exact amount of principal owing at the 31st March, 1329. The return should be completed and returned to the Commissioner of Taxes, Wellington, on or before the Bth 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 considerably more tax than would overwis^Q payable. The Act provides for W exemption in respect of registered 1 mortgages or balances of purchase- ! money in certain but

to obtain the exemption it is essential that a return showing the amount owing on the 31st March ■should be furnished. The Department cannot assume that mortgages are owing, and in the absence of a return the assessment is made as though the land were unencumbered. The tax assessed in these cases may 1)e in excess of the amount which would be payable if the return had been furnished. All persons liable lb furnish returns are therefore advised in their own interests to forward their returns on or before the above date,_ „,,,-.», -