RETURNS OF INCOME DUE JUNE Ist

Stratford Evening Post, Volume III, Issue 349, 2 May 1935, Page 8

RETURNS OF INCOME DUE JUNE Ist

PENALTY FOR NEGLECT.

Furnishing a return of income is

I an annual duty imposed by law on j all companies and persons in busi- | sc-ss, whether Tor the whole or part i of ithe income year and irrespective ! o£ whether a profit or a loss, was j made; also by all persons in receipt of income from salary, wages, bonus, allowances, (Interns*. rent, (annuilty or other annual payment, where such income in conjunction with income from frcc-of-tax Government securities', company debentures issued free I of tax, and from dividends or other profits from shares in companies hading in New Zealand exceeds £2OO per annum. Returns are required annually from ■such persons noltjwlilhistanding thiaJtj | by reason of the special exemptions j allowable by law they may not bo liable for tax. Form No. 3, which is now obtainable at all post-offices, is the form i to be utilised by all individual taxpayers, partnerships, estates, and commercial, industrial, or investment companies. The returns should be completed and forwarded to the Commissioner of Taxes, Wellington, C. 1, on or before the Ist, June. 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 the 31st. March, they should be furnished within two months , of that date. Any person required by law to furnish a return and neglecting to do so is liable on conviction to a pesalty not exceeding £IOO. Negle.ct to furnish returns at the prescribed time not only renders taxpayers liable to prosecution, but also results in many cases in an assessment of more tax than would otherwise be payable. In the absence of a rcturs the Department has power to make an assessment of an amount on which it is considered tax ought to be levied. The acceptance of the estimated assessment does not, however, absolve the taxpayer from the duty of furbishing a return. If the tax payable under the s-essment is more than the amount payable on the taxpayer’s actual assessable income, the taxpayer may render himself liable for the higher amount in addition to prosecution for failure to furnish the return at the proscribed time. If the tax paya, ’e under the estilated assessment is less than the £i mount of tax payable on the taxpayer’s assessable income, the taxpayer may render himself liable to a penalty of treble the amount of isticlj 'deficient tax in addition to prosecution for failure to furnish the return at the prescribed time. Reports of prosecutions for failure to make returns in the past should be taken as a warning, and all persons liable to furnish returns are therefore advised in their own interests to forward such returns on or before the Ist June