RETURNS OF LAND DUE

Wanganui Chronicle, Volume 79, Issue 68, 22 March 1935, Page 8

RETURNS OF LAND DUE

PENALTY FOR NEGLECT. Furnishing a return of land is an annual duty imposed by law upon all land owners who at noon on March 31 hold land of an unimproved value ac* cording to the Government valuation in excess of £5OO. The unimproved value is the value of the land exclusive of buildings, fencing, and other improvements. The form of return has been made as simple as it is possible to mate it. Forms are obtainable at all post-offices. Details of the land held at March 31, 1935, should be entered in Part 3 of the form. Under part 1 particulars ot registered mortgages ana 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, CI, on or before April 9. Any person neglecting to furnish a return is liable to a penalty not exceeding £lOOO. 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 be payable if the return had been furnished. All persons liable to furnish, returns are therefore advised in their own inI terests to forward their returns on or I before the above date.