UNKNOWN

Waikato Times, Volume 87, Issue 13274, 1 September 1916, Page 4

UNKNOWN

IHNTS MADE CLEAR. T ON DEBENTUREHOLDERS. )N PRIZES EXEMPT. of points in reference to s of the new War Finance le clear to a large meeting persons, at the Hamilton ncil Chambers, last night . Clark, Commissioner of s Mayor (Mr J. R. Fow) lie Commisioners's replies ipal questions asked were it clear that the Bill was ial one, and that if found t tthe end of the present f to continue the tax, the Id have to be re-enactod. was not liable for profits of land unless he had enie business of land saleswas buying or selling for holding debentures in a ild not return the interest, se of a local body the inbe returned, as this was tipany debentures were rough the company and not ivho would, therefore, not bubly taxed through his income, px was on [lie total interest deand not on the debenture. No >tions were allowed to individuals, Jiough the total income of the inwas derived from debentures in ppany, and totalled under £3OO

!he costs of collecting and earnome, even in the case of rents, Honed to be deducted, although d and income tax payments were ted. In the case of repairs, the meiit would not allow more 'than it of actual repairs, e case of an isolated transaction I, Mr Clark said that if the y wa s bought merely for speeulae profits would be taxed, but if, professional man purchased with intual idea of working the land firing 011 to it, or if he handed it his son, then in the event of a ; profits would not be taxed. The ment would have to be satisfied facts however. •e a man made a paper profit on transaction, the profit would be just the same.

■ ihe tax took effect from April of this ■ear, and like every income tax, it would be levied on the income of the previous twelve months. Every person earning an income of over £3OO was liable to taxation except in the cases of special exemptions. Money received from an art union, a Tattersall's, or any other sweep, or from an endowment policy falling due would not l>e taxed. '

The Commissioner was accorded a hearty vote of thanks for his explanations.