FARMERS’ INCOME

Taranaki Daily News, 26 April 1930, Page 15

FARMERS’ INCOME

NEW TAXATION FORMS. LIST OF DEDUCTIONS. A specimen of the income-tax return form to be filled in by farmers, in accordance with last session’*; legislation has been gazetted. Under the amendments passed by the House last year, returns of income are now required to be 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 io not less than £14,000; or who were- in receipt of profits from the extraction, removal, or sale of minerals, timber, or flax, from the use or occupation of any Crown land or other land administered by a land board, and held as a smallgrazing run or for pastoral purposes, and form the use or occupation of any other lands reserved, set apart, or granted by the Crown as endowments, 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 sub-let-ting 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 the live stock and produce on hand at the end of the year; and the purchases of . live stock during the year. Deductions are to include the rent payable for the. farm, the rates, the fire, accident .and marine insurances, the mortgage and other interests, seed bought for annual crops and renewals of pasture, feeding stuff bought for stock, wages paid for farm labour (not including labour on improvement's or any allowance for the taxpayers’ services), rations bought for employees, repairs .and maintenance, freight and cartage, manure, and threshing and chaff cutting. ’