RETURNS OF LAND

Waipa Post, Volume 38, Issue 2285, 26 March 1929, Page 5

RETURNS OF LAND

PENALTY FOR NEGLECT,

Furnishing a return of land is an annual duty imposed upon all landowners who at noon on the 31st., March hold land of an unimproved value according to the Goyernment valuation in excess of £SOO. The unimproved value is the value of the land exclusive of buildings, fencing, and other improvements. Forms for making the return are now obtainable at all post offices in the Dominion. Details of the land held at the 31st., March, 1929, should be entered in Part 3 of 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, 1929. The return should be, completed and returned to the Commissioner of Taxes, Wellington, on or before April Bth. 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 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 assesment is made as though the land was unencumbered. The tax assessed in these cases may be in excess of the amount which would be 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.