RETURNS OF LAND

Waikato Independent, Volume XXX, Issue 2315, 25 March 1930, Page 3

RETURNS OF LAND

DUE NEXT MONTH. 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 of buildings, fencing, and other improvements. The form of return has been made as simple as it is possible to make it. Forms are now obtainable at all post offices. Details of the land held at the 31st March, 1930, should be entered in Part 3 of the form. Under Part 1 particulars of registered mortgages and unpaid purchase money should be shown each year irrespective of whether any change has taken place or not. 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 otherwise be payable. The Act provides for an exemption in respect of registered mortgages or balances of purchase money in certain circumstances, but to obtain the exemption it is essential that a return showing particulars of mortgages owing 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 be in excess of the amount which would bo payable if the return had been furnished. All persons liable to furnish returns are therefore advised in their own interests to forward their returns on or before the above date.