RETURNS OF INCOME DUE 2nd JUNE
PENALTY FOR NEGLECT. Furnishing a return of income is an annual duty imposed by law on all companies which, and persons who, whether for the whole or part of the income year, were in business, or in receipt of profits or gains derived from the use or occupation of lands used for agricultural or pastoral purposes if the unimproved value of all such lands owned at any one time during the income year was not less than £14,000, or in receipt of profits or gains derived from the extraction, removal, or sale of minerals, timber, or flax, or in receipt of profits or gains derived from the 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, or derived from 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; also by all persons in receipt of income from salary, wages, interest, rent, annuity ' or other annual payment, where such income exceeds £250 per annum. Returns are required annually from such companies and - persons notwithstanding that by reason of the special exemptions allowable by law they may .not be liable for tax. Form No. 3, which is now obtainable at all post offices, is the form to be utilised by all individual taxpayers, partnerships, estates, and commercial, industrial, or investment companies. The return should be completed and forwarded to the Commissioner of Taxes, Wellington, on or before the 2nd 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 after that date. Any person required by law to furnish a return and neglecting to do so is liable on conviction to a penalty not exceeding- £lOO. Neglect to furnish returns at the prescribed.time not only renders taxpayers liable to prosecution, but also results in many eases in an assessment of considerably more tax than would otherwise be payable. In the absence of a return 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 furnishing a return.
If the tax payable under the estimated assessment 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 prescribed time. If the tax payable under the estimated assessment is less than the amount of tax payable on the taxpayer’s assessable income, the taxpayer may render himself liable to a penalty of treble the amount of such 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 2nd June.
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Bibliographic details
Taranaki Daily News, 16 May 1930, Page 13
Word Count
557RETURNS OF INCOME DUE 2nd JUNE Taranaki Daily News, 16 May 1930, Page 13
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