whats your thoughts on the CGT

[Jeeper]

Fruit picking from memory is seasonal and not a lot of orchards in cities

How would the Govt 'raid' Kiwisaver funds when they are not in Govt schemes?

Introduction of CGT on shares is a raid by stealth on the Kiwisaver gains. More interestingly, it's the Australian and NZ shares that are in scope, but not other markets. Which is a nice way to deplete investment in local markets as the capital will move to jurisdictions which are excluded.

[sidecar bob]

Working for a living is the center of civilization, not right-wing, you self-beclowner.

Self beclowner

[Clockwork]

I'm not entitled, I'm providing houses for people to live in while at the same time making sure I'm not a burden to the taxpayer into my old age while also paying a pile of tax.
How do you think renters & the country would get on if people like me didn't do that?
I'm happy to drop it & run & then complain about cunts like me in the future though.
I'm due a bit of my tax back, but I fear means testing will put paid to that.
Oh to be a loser.

I suppose if you hadn't bought the property, the next lowest bidder may have also been an investor and if not them, the next lowest may have been too. But eventually one of the potential buyers would have been someone who just wanted to live there, the house would have still fulfilled its purpose of "providing houses for people to live in" and there would have been one less "people" that needed to rent a home.

Unless you built from new of course, in which case, thank you so much for you social service.

[mashman]

Society-parasites like you just gotta parasitize. And yet feeling vaguely uncomfy about it, you then try to proselytize. And fail all over again. And finish by projecting what you see in your mirror.

A nurse that doesn't know that life is the center of civilisation, limits his tax liability so that life suffers and then throws around baseless accusations to try to shift the blame for issues that his behaviour creates by projecting his social parasitism on to someone else he knows nothing about. Go on, give us a laugh, how am I a societal-parasite?

I can see why you moved into health provision as a job to cover your inferiority complex for breeding a little entitlement for your mental well-being, coz quite clearly that state of "caring" isn't a natural state for you. You're a wee sad sack of shit.

[husaberg]

Introduction of CGT on shares is a raid by stealth on the Kiwisaver gains. More interestingly, it's the Australian and NZ shares that are in scope, but not other markets. Which is a nice way to deplete investment in local markets as the capital will move to jurisdictions which are excluded.

By stealth aye You mean it was not already done?

Your KiwiSaver investment income
Your investment earnings are taxed. This tax will be deducted by your KiwiSaver provider. Your provider then pays the tax to Inland Revenue on your behalf.

A scheme can be a:

widely-held superannuation fund, or a
portfolio investment entity (PIE).

https://www.kiwisaver.govt.nz/already/contributions/
https://www.interest.co.nz/kiwisaver...ops-government
Also income from Shares in NZ is not exempted or excluded now other than your contributions or as the employer ones have been fixed sine national decided to dip into those in 2012 the employer ones.
you do for the first few years get a kiwisaver tax credit.

[Jeeper]

I did say 'income' is already taxed. But the capital gains i.e. difference between buy and sell price is not taxed at present unless shares we're bought with the intent to sell for profit. If I buy shares, hold them long term, and then sell at retirement to fund my cash flow then the gain is not taxed as the income stream (dividends) through the life of the purchase has been taxed already.

What this is now suggesting is for the capital to be taxed for gains regardless of the intent of purchase. I then have two options, not invest in shares or become an active trader and build it into my margin.

[Ocean1]

Fruit picking from memory is seasonal and not a lot of orchards in cities

How would the Govt 'raid' Kiwisaver funds when they are not in Govt schemes?

Almost all kiwisaver funds are in financial units that would be affected by the proposed cgt.

[Jeeper]

Almost all kiwisaver funds are in financial units that would be affected by the proposed cgt.

Exactly. CGT as propsed goes much wider than housing stock and landlords.

Just a thought, assets split in divorces will be subject to CGT changes too. So now a homemaker who gets the assets as divorce settlement will have to think about it at the time of settlement.

[husaberg]

Exactly. CGT as propsed goes much wider than housing stock and landlords.

Just a thought, assets split in divorces will be subject to CGT changes too. So now a homemaker who gets the assets as divorce settlement will have to think about it at the time of settlement.

The working group has also proposed as an option axing Employer Superannuation Contribution Tax for KiwiSavers earning less than $48,000 a year, phased reductions for people earning between $48,000 to $70,000, and reducing the lowest rates of tax on KiwiSaver and other PIE (prescribed investor rate) funds.

...............................

But this is the bit you dont want to talk about.

The vast majority of the extra tax would come from the wealthiest 20 per cent of Kiwis, who own more than 80 per cent of the assets that would be newly taxed.

[FJRider]

Almost all kiwisaver funds are in financial units that would be affected by the proposed cgt.

Bullshit. Capital gains are the profits from the sale of an asset ie: shares of stock ... like a piece of land or a business — and as such ... generally considered as taxable income.

You can't sell you Kiwisaver (therefore not an asset) ... and it only becomes taxable to you ... when it's in your bank account. And taxed at the usual bank charges.

[Voltaire]

Almost all kiwisaver funds are in financial units that would be affected by the proposed cgt.

As in when the fund sells shares at a profit they will pay CGT and pass that on to the investors?

[Jeeper]

...............................

But this is the bit you dont want to talk about.

Robbing Peter to pay Paul.

[husaberg]

Robbing Peter to pay Paul.

but in this world nothing can be said to be certain, except death and taxes.
Its also certain you want to misrepresent the CGT which isn't law by a long shot and yet you are complaining you see it doing all these things that already happen.

The working group has also proposed as an option axing Employer Superannuation Contribution Tax for KiwiSavers earning less than $48,000 a year, phased reductions for people earning between $48,000 to $70,000, and reducing the lowest rates of tax on KiwiSaver and other PIE (prescribed investor rate) funds.

[Ocean1]

Bullshit. Capital gains are the profits from the sale of an asset ie: shares of stock ... like a piece of land or a business — and as such ... generally considered as taxable income.

You can't sell you Kiwisaver (therefore not an asset) ... and it only becomes taxable to you ... when it's in your bank account. And taxed at the usual bank charges.

If that's the case why are they talking about annual valuations to define the CGT payments due for businesses?

[Ocean1]

...............................

But this is the bit you dont want to talk about.

"The vast majority of the extra tax would come from the wealthiest 20 per cent of Kiwis, who own more than 80 per cent of the assets that would be newly taxed."

I'm surprise you want to talk about to be honest, it's almost as if you approve of the dramatic ramping up of institutionalised theft from the most productive to buy votes from the less productive.

If you hadn't reassured me otherwise I'd think you were a radical socialist.