whats your thoughts on the CGT

[FJRider]

I have no problem with the concept of CGT, but I don't like how inflation is ignored. If you own a rental property for ten years and then sell it, a significant amount of value increase is due to inflation which makes it not profit, therefore you shouldn't have to pay tax on that.

Rental properties are a cash cow. Until they start costing money. Note the NEW Rental property regulations that (coincidentally) have/are being introduced. With massive (in many cases) $$$$$ needed being spent to meet the new requirements ... the cheaper (only .. ??) option of many Landlord property owners will be sell up and let some other bugger (sucker .. ?? ) pay. The consensus will be ... it wont continue as a rental but more likely as a private dwelling (if anybody can afford to buy it). The new regulations would usually mean it then would be cost prohibitive to upgrade to legal rental property standard.

End result ... fewer rental properties available. ALL areas with Universities or Polytechnic's nearby will be affected. In other words ... can't live nearby ... wont attend there.

The poor and needy Beneficiaries for whom these regulations were actually/supposedly introduced to help ... will find themselves homeless ... as THEIR rental was/will be sold from under them. With ALL the appropriate legal notice given of course.

Similarly, you shouldn't have to pay tax on the part of the interest that makes up for inflation. i.e. if inflation is 2% and you earn 4% interest then you have only made a profit of 2%, but the government will tax you on the 4% and take twice as much as what is fair.

Bullshit. You make money and you will be taxed. Thank the Government that was voted in (OK ... the group that legally formed a Government) for these pearls of enlightenment and pleasure ...

I guess what I'm saying is that the government are thieving cunts.

Nothing different about any Government policy. New requirements and situations require different policies.

Would you prefer an across the board Tax hike ... a 45% standard tax rate seems fair ...

[Ocean1]

Aye, more evasions, doctored stat's and refusals to acknowledge the facts, fuck off with your bullshit, you radical socialist you.

is currently sulking in the Sin Bin

Now I know that socialists are right near the bottom of the list of social deviants, but it's generally accepted that truth is proof against censure.

[husaberg]

but it's generally accepted that truth is proof against censure.

Really, yet ironically you censored my post. Not the other way around.

Yet more of your baseless allegations. the stats are the stats not altered in anyway, Your problem is you just dont like what they say.
You can tell when either you or Katspam have lost an argument, as the abuse and accusations come out, as you have nothing else.

New Zealand's top tax "wedge" of 33 per cent on incomes above $70,000 is lower than all 27 other high-income nations in the Organisation for Economic Co-operation and Development, after including social security and payroll taxes which do not exist in this country.

PMG calculated that New Zealand’s overall tax wedge on incomes of US$100,000 and US$300,000 are among the three lowest in the OECD.

On the other hand, New Zealand has the world's most comprehensive goods and services tax (GST), taxing 98 per cent of all potentially taxable consumer spending compared with a developed world average of 59 per cent.
New Zealand is one of only five high-income OECD nations that do not allow any exemptions for food - a key factor in our high food prices.

"We charge less tax than any comparable country on high incomes, dividends and capital gains," he says.
"Our GST, however, is bigger than most, both as a proportion of taxes and as a proportion of the economy as a whole."
A structural shift in the tax and welfare system has been a major driver of the widening gap between rich and poor in Auckland. Suburbs whose average incomes were bunched together, mostly within 10 per cent of each other in 1986, now have average incomes that vary up to three-fold.
The top income tax rate on the rich was halved in two steps between 1986 and 1988 from 66 per cent to 33 per cent.

The 10% of top income-earning families earn 30% of the income. (Estimate from Stats NZ’s Household Economic Survey 2010)
The wealthiest 10% of New Zealand families control roughly 50-60% of the wealth (Estimates from New Zealand Institute’s The Wealth of a Nation 2004)
This group earns 30% of the income, has 50% or more of the wealth, and pays 43% of the net tax. Is that an outrage?

[Ocean1]

You mean Business's that buy property/items (and wait for it to increases in value ... or improve it) and then sell for a profit ... ???


Capital gain is a rise in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.

Look up the definition of "Capital Gains" yourself if you doubt me ...

Look up the recommendations of the fucking tax working group. It's an annual tax on annual increases in market value.


Speaking of which; how many clowns do you need on the payroll in this fucking circus?
https://www.stuff.co.nz/business/111...re-appropriate

[Ocean1]

No surprise really, from the outfit that campaigned on their right to defraud taxpayers.

https://www.stuff.co.nz/national/pol...arama-davidson

Grasping, deluded twats.

[husaberg]

[/url]

Grasping, deluded twats.

Bridges marked the anniversary of the new administration by declaring it “a year of economic mismanagement” and claiming that “under this government the economy is slowing”. But it was hard to find the numbers to match his words.

GDP grew 1% in the September quarter. It’s the strongest growth in two years, nearly double the OECD average and rivalled only by the US.
It was broad based – 15 out of 16 industries expanded, with only mining dropping back. The RBNZ believes GDP growth will “pick up” over 2019.

At 3.9% unemployment is the lowest in 10 years.
Or in the words of the Reserve Bank “employment is around its maximum sustainable level”.

Cost of living pressures are real but the latest CPI increase of 1.9% recorded by Stats NZ is low by historic standards. Further blunting National’s grab for attention on hip pocket issues, petrol prices dropped 10 cents a litre in October.

In the housing sector rents have been rising, as have concerns about KiwiBuild, but the dangerously hot Auckland market has cooled safely so far. ASB said this week more Kiwis believed it was a good time to buy a house than at any point in the last five years.

Mortgage rates are almost subterranean. This week ANZ offered a one year rate of 3.95 percent, claiming it was the lowest since World War II. A time traveller with a mullet or shoulder pads might have thought a one had been mistakenly left off the front of the rate (mortgage rates were nudged 20 percent in the late 1980s).

A deep grave has been dug for National over claims of a fiscal hole.
A surplus of $5.5 billion is forecast and the government is on track to meet its Budget Responsibility Rules of spending at 30% of GDP and debt at 20%.

Considering Key liked to claim responsability for nzsinterst rates when they were higher than that Labour must be doing far far better.

Rt Hon JOHN KEY: One of the reasons why interest rates are coming down in this country is that the Government has done a good job of getting the books back in order and of managing inflation expectations.

[Ocean1]

GDP grew 1% in the September quarter. It’s the strongest growth in two years, nearly double the OECD average and rivalled only by the US.
It was broad based – 15 out of 16 industries expanded, with only mining dropping back. The RBNZ believes GDP growth will “pick up” over 2019.

At 3.9% unemployment is the lowest in 10 years.
Or in the words of the Reserve Bank “employment is around its maximum sustainable level”.

Cost of living pressures are real but the latest CPI increase of 1.9% recorded by Stats NZ is low by historic standards. Further blunting National’s grab for attention on hip pocket issues, petrol prices dropped 10 cents a litre in October.

In the housing sector rents have been rising, as have concerns about KiwiBuild, but the dangerously hot Auckland market has cooled safely so far. ASB said this week more Kiwis believed it was a good time to buy a house than at any point in the last five years.

Mortgage rates are almost subterranean. This week ANZ offered a one year rate of 3.95 percent, claiming it was the lowest since World War II. A time traveller with a mullet or shoulder pads might have thought a one had been mistakenly left off the front of the rate (mortgage rates were nudged 20 percent in the late 1980s).

A deep grave has been dug for National over claims of a fiscal hole.
A surplus of $5.5 billion is forecast and the government is on track to meet its Budget Responsibility Rules of spending at 30% of GDP and debt at 20%.

Meh, same hand picked irrelevant nat-phobic shit you always pull out of your arse in response to labour's tax and spend bullshit, it's nowhere near enough to defend labour's plans for a CGT.

[husaberg]

Meh, same hand picked irrelevant nat-phobic shit you always pull out of your arse in response to labour's tax and spend bullshit, it's nowhere near enough to defend labour's plans for a CGT.

I case you missed it. it was refuting the untruths the national party leader pulled out of his bottom.
As you can't refute them, which you clearly can't, So despite you doomsday predictions. It shows what a total lie the national party rhetoric you continue to spout is.
Note a tax working group has made submissions, that's all that has happened. Grow up.

Maybe you might like to critique the credentials of the members of the TWG then?

Sir Michael Cullen, Former finance minister attorney general PhD in social and economic history from the University of Edinburgh.

Professor Craig Elliffe, is a professor at the University of Auckland Law School. Before his career in education, he was a tax partner for nine years at Chapman Tripp and for 14 years at KPMG.

Joanne Hodge, a former tax partner at law firm Bell Gully, where she advised on all aspects of corporate tax including public and private company reorganisations, employee remuneration issues and investment into New Zealand. Joanne helped her clients adjust to constant and often complex tax reform for over 30 years.

Kirk Hope is Chief Executive of Business New Zealand and was previously CEO of the New Zealand Bankers Association and Executive Director of the Financial Services Federation. He is a qualified barrister and solicitor, and was previously a member of the Commercial and Business Law Committee of the New Zealand Law Society.

Nick Malarao a senior partner at Meredith Connell, where he has both advised and represented Inland Revenue for 17 years. He is an expert in tax, company and property law. Nick runs the country’s largest Insolvency, Recoveries and Enforcement practice and brings insights into why some companies and individuals fail to meet tax obligations, and how that can be remedied.

Geof Nightingale, a Partner at PwC New Zealand, where he has worked with clients across a range of sectors, including energy, services, retail, property, forestry and Māori business, providing consulting, compliance and transaction services. He was previously a member of the 2009 Tax Working Group and has an ability to communicate tax policy choices in an accessible way to a wide audience.

Robin Oliver, former Deputy Commissioner at Inland Revenue Robin brings to the Tax Working Group his long experience of tax practice and policy in both the public and private sectors. He has worked in varying capacities on tax Consultative Committees and working groups since 1987. As well as his public policy background Robin brings economic, legal and accountancy skills together with hand-on knowledge of how tax laws work in practice.

Hinerangi Raumati, has held several governance positions in both the commercial and not-for-profit sectors. She has a particular interest in iwi commercial activities, the fishing industry and Māori economic development. Hinerangi is Chair of Parininihi ki Waitotara, one of the country’s largest Māori incorporations and is on the board of Te Ohu Kaimoana, which works to advance Māori interests in the marine environment. She’s also a former Chief Financial Officer at Tainui Group Holdings.

Michelle Redington, works at Air New Zealand as Head of Group Taxation & Insurance and is a member of the Corporate Taxpayers Group. Michelle has a legal and accounting background, and prior to Air New Zealand was a partner at PwC specialising in corporate and international taxation. She has practical experience of applying tax rules in New Zealand, Australia and various other countries.

Bill Rosenberg, Bill Rosenberg was appointed Economist and Director of Policy at the CTU in May 2009 He holds a B.Com in Economics, a BSc in Mathematics and a PhD in Mathematical Psychology. Bill was previously Deputy Director, University Centre for Teaching and Learning at the University of Canterbury.

Marjan Van Den Belt, Assistant Vice Chancellor (Sustainability) at Victoria University of Wellington

[merv]

Look up the recommendations of the fucking tax working group. It's an annual tax on annual increases in market value.

Nup, read all about it here https://taxworkinggroup.govt.nz/reso...html#section-3

[Ocean1]

I case you missed it. it was refuting the untruths the national party leader pulled out of his bottom.

Which, apart from being spun twice as fast as anything your despicable bogyman managed, (and smelling considerably worse), has exactly fuck all to do with what I posted.

I don't actually blame you for avoiding Marama Davidson's wee rant like the plague, it don't come much more politically untenable than that.

[Ocean1]

Nup, read all about it here https://taxworkinggroup.govt.nz/reso...html#section-3

I read that one of the proposals involves "deemed value", annual valuations with attendant annual CGT demands. And far as I can briefly see they haven't ruled it out.

[Ocean1]

He's changed his mind?

https://www.stuff.co.nz/business/111...hanged-my-mind

So that's what the $1000/day bought them.

[merv]

I read that one of the proposals involves "deemed value", annual valuations with attendant annual CGT demands. And far as I can briefly see they haven't ruled it out.

I think that was raised early on but dropped from the final report.

[husaberg]

Which, apart from being spun twice as fast as anything your despicable bogyman managed, (and smelling considerably worse), has exactly fuck all to do with what I posted.

I don't actually blame you for avoiding Marama Davidson's wee rant like the plague, it don't come much more politically untenable than that.

Funny, you write a lot of words but yet you are totally unable to come up with anything cohesive, if only you were Asian and had a 100K you could be a national list MP.

But i digress

This in case the Alzheimer's or the afternoon gin has got the best of you was what youi posted.

Meh, same hand picked irrelevant nat-phobic shit you always pull out of your arse in response to labour's tax and spend bullshit, it's nowhere near enough to defend labour's plans for a CGT.

This is what i posted so do try and keep up.

I case you missed it. it was refuting the untruths the national party leader pulled out of his bottom.
As you can't refute them, which you clearly can't, So despite you doomsday predictions. It shows what a total lie the national party rhetoric you continue to spout is.
Note a tax working group has made submissions, that's all that has happened. Grow up.

Maybe you might like to critique the credentials of the members of the TWG then?

Sir Michael Cullen, Former finance minister attorney general PhD in social and economic history from the University of Edinburgh.

Professor Craig Elliffe, is a professor at the University of Auckland Law School. Before his career in education, he was a tax partner for nine years at Chapman Tripp and for 14 years at KPMG.

Joanne Hodge, a former tax partner at law firm Bell Gully, where she advised on all aspects of corporate tax including public and private company reorganisations, employee remuneration issues and investment into New Zealand. Joanne helped her clients adjust to constant and often complex tax reform for over 30 years.

Kirk Hope is Chief Executive of Business New Zealand and was previously CEO of the New Zealand Bankers Association and Executive Director of the Financial Services Federation. He is a qualified barrister and solicitor, and was previously a member of the Commercial and Business Law Committee of the New Zealand Law Society.

Nick Malarao a senior partner at Meredith Connell, where he has both advised and represented Inland Revenue for 17 years. He is an expert in tax, company and property law. Nick runs the country’s largest Insolvency, Recoveries and Enforcement practice and brings insights into why some companies and individuals fail to meet tax obligations, and how that can be remedied.

Geof Nightingale, a Partner at PwC New Zealand, where he has worked with clients across a range of sectors, including energy, services, retail, property, forestry and Māori business, providing consulting, compliance and transaction services. He was previously a member of the 2009 Tax Working Group and has an ability to communicate tax policy choices in an accessible way to a wide audience.

Robin Oliver, former Deputy Commissioner at Inland Revenue Robin brings to the Tax Working Group his long experience of tax practice and policy in both the public and private sectors. He has worked in varying capacities on tax Consultative Committees and working groups since 1987. As well as his public policy background Robin brings economic, legal and accountancy skills together with hand-on knowledge of how tax laws work in practice.

Hinerangi Raumati, has held several governance positions in both the commercial and not-for-profit sectors. She has a particular interest in iwi commercial activities, the fishing industry and Māori economic development. Hinerangi is Chair of Parininihi ki Waitotara, one of the country’s largest Māori incorporations and is on the board of Te Ohu Kaimoana, which works to advance Māori interests in the marine environment. She’s also a former Chief Financial Officer at Tainui Group Holdings.

Michelle Redington, works at Air New Zealand as Head of Group Taxation & Insurance and is a member of the Corporate Taxpayers Group. Michelle has a legal and accounting background, and prior to Air New Zealand was a partner at PwC specialising in corporate and international taxation. She has practical experience of applying tax rules in New Zealand, Australia and various other countries.

Bill Rosenberg, Bill Rosenberg was appointed Economist and Director of Policy at the CTU in May 2009 He holds a B.Com in Economics, a BSc in Mathematics and a PhD in Mathematical Psychology. Bill was previously Deputy Director, University Centre for Teaching and Learning at the University of Canterbury.

Marjan Van Den Belt, Assistant Vice Chancellor (Sustainability) at Victoria University of Wellington

[Ocean1]

Funny, you write a lot of words but yet youcareb totally unable to come up with anything cohesive,

Said the liarbor fanboi who's reply to any comment whatsoever is "BUT NASHNIL".

Tell us again how NZ's poor pay most of the tax.