Under Labour does it mean The FIF tax will be dumped?
Printable View
Under Labour does it mean The FIF tax will be dumped?
I think Goff may be a little lactose intolerant. Why keep GST on that nutritional staple, the bottle of milk. Doesn't he want the poor to stop drinking Coke? While we are at it why not take GST of porridge - nothing like a plate of hot gruel to start the day for the underprivileged.
I'l now be interested in how landlords react. We are desperately short of housing stock and we need private individuals to invest in that market since government only holds around 15% of the total stock. If we see landlords retreat govt will need to spend more on housing which will see the CGT head off to more housing purchases by government. Kinda defeats their purpose since they see investment in housing as unproductive.
Landlords won't care. Nobody will because Labour will not see the treasury benches while Goff is at the helm and the new broom will rework some of this stuff. But that's two elections away. They haven't got a Goff replacement yet unless Clayton Cosgrove has a fling. Hughes has gone. Shane Jones stuffed his chances. Cunliffe would not appeal to the masses. David Parker just aint got it. National are pretty safe for long enough.
So you buy 6789 shares of XYZ on a particular date, reinvest in their DRP and acquire another 73 shares on another date at a different price, then subscribe to a rights issue on another date at a different price, some time later you sell 357 shares (at a loss), buy back another 900 shares at another date, then another company takes it over using a mixture of script and cash payment.
Now multiply that by however many shares in your portfolio. Is there an easy way around this or do we have to have to spend all day in front of a spreadsheet?
Perhaps a Financial Transaction Tax would be a better option than the Labour proposal http://www.makefinancework.org/home-...r-a-financial/
Because among this sad Labour lot I doubt that there is one of them who has any commercial experience, or any they can remember. They simply do not know how the world works. You are right abour Roger Douglas. He rejected CGT because as he put it 'it stops things happening' and his no exemption GST should never be tampered with. It works, and it's simple and leaves little room for dodgy stuff.
Think of all the extra people that will be needed in the IRD. Everyone will have to file tax returns again to ensure they only get the first $5,000 tax free. Up goes the state servants numbers again.
Actually I can live with the CGT but I can't agree with the GST being wiped off fruit and vegetables, and the increase in the top tax rate is just a typical Labour "anti success" tax. The first $5,000 tax free is simply a vote bribe. All political and not fiscal.