The Examiner PUBLISHED DAILY.) MONDAY, APRIL 4, 1892, THE INCOME TAX.

Woodville Examiner, Volume VIII, Issue 913, 4 April 1892, Page 2

The Examiner PUBLISHED DAILY.) MONDAY, APRIL 4, 1892, THE INCOME TAX.

In another column appears the oiik-i.d notice regarding the Income. Tax, i;mt forms on which to make returns arc to be had at the Post Office. Statements of income must lie sent in by all except farmers of freehold or private leaseholds, who pay land tax ami whoso income is de- )■) red solely from land and the returns must ho made by April 18th. Income from rents and mortgages are exempt under the Income Tax as they conic under the Land Tax. The income derived and received in the colony, and the income received in the colony although not derived from, any source within the colony, arc both taxable. Thus, a resident in New Zealand living on an income derived from any place beyond it will return such income. As companies are subject to the income tax the recipient of dividends need not include those dividends in his income. As pastoral lands of the Grown are exempt from laud tax the incomes of pastoral tenants are made subject to taxation. From the gross income will lie deducted losses, outgoings, and expenses actually incurred in its production. The deduction of a sum equal to 5 per cent, on the amount of which an occupier of business premises is liable for laud tax in respect of them is allowed. A further deduction up to £SO year is authorised in respect of premiums paid for the insurance of the life of the person making the return. Those whoso not income does not reach £3OO a year will be exempt from the tax. In order to afford a check in allowing the exemption provision is made in the return for stating the names of partners of firms, no person being entitled to the deduction of more than £BOO in respect of any income derived by himself alone. To assist in collecting the tax from those employed by companies, firms, and persons, a list of employes receiving more than £l6O will be iriven with each and m tli,. erne of Government departu cub; m;d local bodies, and others i,l.ed, sb not taxpayers, separate lists will be provided, and will be obtain, iihlo ut the Post Offices. It is not ■mended that the income tax shall b ■ collected and paid by employers ni behalf of employes, but each per. on in receipt of an income will hi i own return, and pay the ir,:: In respect of it direct. The re-tern.-j now called for will give the income derived during the year ending 31st March, 1802, and theree3, annual returns will be made of Ihe income derived in each year e;nting gist March.