INCOME TAX RETURNS
In making up Income Tax returns the following instructions are useful to the builder who lias a contract in course of construction Tn his return, a builder should show, under the heading or “Labour ami Alaterial” all amounts expended by him under these two heads whether the |d) has been completed or not. The items of “Stock on Hand” at the beginning and at the end of the year should he shown, in addition to the stocks of materials on hand, to which should 1.0 added the the plant and the value of the work in progress at the cost price. The progress payments received on behalf of work in progress should not be i mentioned, but on the following return] the total amount of the completed j-jb. j whether paid for or otherwise, should |
be shown under the heading of “Sales.” \\ hero there is work m progress upon which a. loss is anticipated, it is advisable to reduce the amount shown under the heading of “Work in Progress” by the estimated amount of tic loss on that particular job. This method has the approval of the Department. and is thoroughly sound from an accountancy point of view.
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https://paperspast.natlib.govt.nz/newspapers/WC19230519.2.94
Bibliographic details
Wanganui Chronicle, Volume LXXXI, Issue 18785, 19 May 1923, Page 14
Word Count
201INCOME TAX RETURNS Wanganui Chronicle, Volume LXXXI, Issue 18785, 19 May 1923, Page 14
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