good, bad?..........
good, bad?..........
If you have money in an interest bearing account then you're already paying CGT - its being deducted by the bank on interest paid. Nothing new here.
it's not a bad thing till you throw a KLR into the mix.
those cheap ass bitches can do anything with ductape.
(PostalDave on ADVrider)
If you are buying and flipping property you are also meant to pay tax on that also Nothing new There either.
Pretty Sure national created the Residential land withholding tax.
Fairer than upping GSTThe Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016, enacted on 13 May 2016, introduced a new withholding tax – residential land withholding tax (RLWT) – on sales of residential property made by “offshore RLWT persons” within two years of acquisition.
Kinky is using a feather. Perverted is using the whole chicken
Just another cash grab.
Go soothingly on the grease mud, as there lurks the skid demon
If introduced, you will also pay CGT on shares you have invested that increase in value, your Kiwisaver value increase (which you are already paying tax on).
Also, the family home (allegedly not subject to CGT) will attract this inequitable tax if you have a home office or if you get a boarder or flatmate in to help pay the mortgage.
Cullen is a cunt
https://taxfoundation.org/capital-ga...try-2011-oecd/
How many countries dont have CGT.
Monaco, Panama Switzerland Luxembourg, cayman islands ,Ireland what do these countries all have in common.
Kinky is using a feather. Perverted is using the whole chicken
Stay away from Kiwisaver. The point of it is to ... ah .... save for retirement because the state are spending too much on old people. And they propose taxing it more?
Here is my prediction - so far it is nothing but a working party wish list suggestion paper. Featuring all types of horror taxes for the media to get so excited over I swear Duncan Garner on the AM show actually had a boner on screen the other morning.
So all the PM has to do is let the media run their mouths off about 30% tax etc and when she announces it will only be 10% the country will sigh a collective sign of relief and thank her for being so reasonable. The polls will love her more and Mr Bridges will be oust.
People sell property knowing they will have to pay X amount of tax extra. Thus the selling price will increase by X amount. They get the price they want in the bank and tax ix paid.
More money in the Government coffers ... less income tax increases ... those with money and property are seen to be paying a greater amount of tax (as they are) but getting the money in their pocket they wanted.
Who really loses .. ??? Who really pays more ... ??? And will you then be able to put a deposit on a house while on a benefit ... ???
And with the increase in the minimum hourly pay rate ... what could possibly go wrong with their scheme ... ???
When life throws you a curve ... Lean into it ...
Didn't those lying cunts promise not to introduce new taxes?
Lets go Brandon
I'm not concerned too much how it will affect me. I've had around a decade of intense activity that would have attracted a CGT, that activity has now tapered off & will remain somewhere down around nil for the foreseeable future, so I'm not concerned how it is going to affect me.
My concern is for the change in kiwi behaviour & lifestyle.
I can see the arse dropping out of the beach settlements & maybe a shift to large boats instead.
I also worry for people currently renting.
Landlords can't just haul money out of their arses & won't be prepared to inject some cash to top up the mortgage of a rental property out of their wages to keep the rent reasonable, as many have done in the past, in the knowledge that there is a tax free carrot waiting for them at the end, because they will now be taxed on the profit of said property.
Rents will definitely rise & while I'm sure it will turn a few tenants into home owners in the short term, the long term will be a bit grim if you aren't a home owner.
Also, for landlords that have done a monthly top up from their income over the years, there had better be an accounting system in the CGT maths that takes their input off, as that needs to come off the taxable profit, as it was taxed income before it went to propping up a tenant & isint a gain, as it was a landlord contribution.
Yes, I have done that to make sure my tenants pay market rent for a property that had decent capital gain and a fairly hefty mortgage.
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