Housing Tax

[GTM 3442]

Property Tax.

Oh, please no. The IRD seems incapable of administering the plethora of existing taxes. Who knows how they'd cope with something new.

[Valuegrowth]

GTM 3442

There is a criticism if they can implement tax for stocks, employee earnings and other assets why not impose on property traders as well? Particularily New Zealanders are finding difficult to rent and buy houses now. New Zealand is one of the countries which doesn't implement capital gain tax on property.

[fungus pudding]

GTM 3442

There is a criticism if they can implement tax for stocks, employee earnings and other assets why not impose on property traders as well?

They do. It's called income tax.

[artemis]

They do. It's called income tax.

Correct, and though not a CGT as such, it can be as high as the top marginal tax rate. which BTW is a lot higher than the CGT tax proposed by Labour. And it applies to any trader, not just in property.

From time to time IRD quietly announce their focus areas. Property traders have been on the radar for several years, supported by increased compliance budget.

[Toulouse - Luzern]

Property Tax.

Oh, please no. The IRD seems incapable of administering the plethora of existing taxes. Who knows how they'd cope with something new.

Agree.

The only solution for complexity is simplicity ...

A few years ago there was a reform project and one member of the team said it was to revise the tax act and simplify it.

Laudable objectives.

It didn't happen.

The revised act was bigger and more complicated.

Then FIF, Pie Tax with no refunds if overpaid ...

Anti Terroism and Money Laundering Act made investment complicated for kiwis while overseas trusts not affected ....