Gareth Morgan & Politics

[Night Falcon]

I want honesty, integrity, innovation, a health system that enables people to get the care they need to be healthy and education system that is relevant and affordable, a judiciary that doesn't foster crime as a valid career choice.......who should I vote for....or am I asking too much

[Ocean1]

Hey Oceans, CGT is only taxing the increase in value, not the purchase cost. The capital gain itself is NEW income and CGT plans to tax it as it's earned, like PAYE.

(P.S. but I agree that GST is a terrible tax and should be stopped)

(and don't start me on rates... tax on tax on tax on tax...)

I bought my house 12 years ago for $125k.

Now it's worth $425k.

When I bought it I got it for maybe $25k under market value. Do I pay tax because I got a good deal?

Do I pay tax on the maybe $200k value attributable to inflation?

Do I pay tax on the $45k worth of improvements I've made?

Do I pay tax on the marketing costs at both ends of the ownership?

Who decides all that shit? 'Cause I'm telling you if it's Juicinda's outfit the answer will be yes, yes, yes and yes.

None of which I'm prepared to pay, I'm not about to expose myself to the risk they'll double tax me yet again.

[Ocean1]

I want honesty, integrity, innovation, a health system that enables people to get the care they need to be healthy and education system that is relevant and affordable, a judiciary that doesn't foster crime as a valid career choice.......who should I vote for....or am I asking too much

What's your idea of "need", "healthy", "relevant" and "affordable"?

'Cause if it's more than we're currently spending it may be more than we can afford.

Everyone is an expert at spending someone else's money mate, why wouldn't you be happy with the increases in spending, (in real terms) we've had over the last few years?

[sidecar bob]

I want honesty, integrity, innovation, a health system that enables people to get the care they need to be healthy and education system that is relevant and affordable, a judiciary that doesn't foster crime as a valid career choice.......who should I vote for....or am I asking too much

Well you could start by not voting for a govt that proposes to tax your savings under the heading of "wealth tax"
Apparently having savings makes one "wealthy" & should be actively discouraged.

[sidecar bob]

There'a actually fuck all loopholes left you can use to minimise tax and still retain any net return. But there is nonetheless a problem with taxing the same money a third and fourth time via investment income and asset taxes: Income and investment simply stops happening.

Faced with the prospect of, say pressing on with the hassles of managing a residential rental returning a stunning 2.5% because paying your own way is the responsible thing to do, some might decide to flog it off and blow the fucking lot on holidays, fast cars, hookers and bikes. And then, BONUS points! instead of stumping up with the extra tax on all those already taxed earnings they could stick their hand out for some of that tax money they're now eligible for.

And instead of keeping up some part time work at retirement age and subsequently losing your pension as a result, there's a distinct possibility some might decide that they're altogether too frail to bother working when someone else will do it for them.

Some might also decide to add the family home and any remaining assets to the holiday budget bonfire and then rent, rather than risk having to sell it all anyway to pay for their dotage.

Decisions, decisions...

Stop tempting me. The next ten years could be a real hoot.

[pritch]

fallen off hobby horse?

Bugger. I've already given you bling for another post.

[pritch]

There isn't actually anyone good, it's just a question of who's least awful.

That's about it. You start out with a list then one by one you cross them off until there's just one left.

[Honest Andy]

I bought my house 12 years ago for $125k.

Now it's worth $425k.

When I bought it I got it for maybe $25k under market value. Do I pay tax because I got a good deal?

Do I pay tax on the maybe $200k value attributable to inflation?

Do I pay tax on the $45k worth of improvements I've made?

Do I pay tax on the marketing costs at both ends of the ownership?

Who decides all that shit? 'Cause I'm telling you if it's Juicinda's outfit the answer will be yes, yes, yes and yes.

None of which I'm prepared to pay, I'm not about to expose myself to the risk they'll double tax me yet again.

Goodness me you are having a bad day...
No you don't pay tax on any of that because the proposed CGT hasn't been enacted yet, and I don't think anyone is proposing back-dating it.
And if this is the house you live in then Labour at least have ruled out taxing it anyway.

The longer answer is...
If your example is a renta and CGT had been enacted 12 years ago:
You made $300,000 profit from appreciation, which as income would be taxed. It only gets taxed once, just like any other earning.
You got a good deal? Good for you, that increases your profit. Yes the extra profit gets taxed, just like any other earning.
You spent an $45,000 on improvements? Great, that's tax deductible. Just like any other business expense.
Did those improvements increase the value? Fine, then you get taxed on that increase MINUS the $45,000
You spend money on marketing? Fair enough, that's also tax deductible. Just like any other business expense.

Really none of it is any different from the tax obligations of any other business (mine at least)

Now for godsake sell the flaming house and buy a bike!
And post the fotos so we can all tell you what we think of the new ride

Right I'm going away now, I've had a busy day doing the fucking governments job... working out FUCKING GST!!!

Call back when you get that bike

[Akzle]

I want honesty, integrity, innovation, a health system that enables people to get the care they need to be healthy and education system that is relevant and affordable, a judiciary that doesn't foster crime as a valid career choice.......who should I vote for....or am I asking too much

ehh. vote ax muthafukkah

[Akzle]

I bought my house 12 years ago for $125k.

Now it's worth $425k.

When I bought it I got it for maybe $25k under market value. Do I pay tax because I got a good deal?

Do I pay tax on the maybe $200k value attributable to inflation?

Do I pay tax on the $45k worth of improvements I've made?

Do I pay tax on the marketing costs at both ends of the ownership?

Who decides all that shit? 'Cause I'm telling you if it's Juicinda's outfit the answer will be yes, yes, yes and yes.

None of which I'm prepared to pay, I'm not about to expose myself to the risk they'll double tax me yet again.

bro. you tots voted for that shit. so fuckup.

[Akzle]

That's about it. You start out with a list then one by one you cross them off until there's just one left.

... akzle

[Ocean1]

Goodness me you are having a bad day...
No you don't pay tax on any of that because the proposed CGT hasn't been enacted yet, and I don't think anyone is proposing back-dating it.
And if this is the house you live in then Labour at least have ruled out taxing it anyway.

The longer answer is...
If your example is a renta and CGT had been enacted 12 years ago:
You made $300,000 profit from appreciation, which as income would be taxed. It only gets taxed once, just like any other earning.
You got a good deal? Good for you, that increases your profit. Yes the extra profit gets taxed, just like any other earning.
You spent an $45,000 on improvements? Great, that's tax deductible. Just like any other business expense.
Did those improvements increase the value? Fine, then you get taxed on that increase MINUS the $45,000
You spend money on marketing? Fair enough, that's also tax deductible. Just like any other business expense.

Really none of it is any different from the tax obligations of any other business (mine at least)

Now for godsake sell the flaming house and buy a bike!
And post the fotos so we can all tell you what we think of the new ride

Right I'm going away now, I've had a busy day doing the fucking governments job... working out FUCKING GST!!!

Call back when you get that bike

So that's a no, no yes and yes?

Fuckit, why should I pay for inflation?

[Akzle]

Fuckit, why should I pay for inflation?

errr cos you voted for it?

[awayatc]

So that's a no, no yes and yes?

Fuckit, why should I pay for inflation?

I agree....it's still free at my local servo....

Always inflate my tyres before a ride.

[awayatc]

Talking about idiot box...

Turn it on just now.... and Gareth fuckin Morgan is on!

No way could I vote for him!

May vote Green,( funny for somebody working in the dirty offshore oil industry)