UNEMPLOYMENT TAX

Wanganui Chronicle, Volume 74, Issue 245, 16 October 1931, Page 6

UNEMPLOYMENT TAX

Sir, —My attention has been directed to an article in your issue of 12th instant, under the heading of “Unemployment Taxes,” commenting on the fact that no information is given in the regulations as to the methods by which farmers are to calculate their incomes for the purposes of the tax on income other than salary or wages. It was realised that in some cases farmers would experience difficulty in arriving at the amount of income for purposes of the required declaration, but it was not considered advisable to require them by regulations to complete forms which were not required from other classes of the community. A form has been prepared, however (the use of which is optional), which sets out clearly what is and what is not considered to be assessable income in the case of a person engaged in farming operations. It is believed that the use of this form will enable farmers to fulfil their obligations under the Act in this respect without difficulty. With regard to t’.ie perplexity of your correspondent (a fanner), who owns a house th? rent from which is less than tho interest ho has to pay on a Stale mortgage, it will be quite in order for him in his statement of income to set off his losses in this respect against his gn ; ns from his farming operations; but no person may set off losses in business against re 4 ceipts in the shape of salary or wages. Yours faithfully, MALCOLM FRASER. Commissioner.