raises some points as the exception is only for your own home so an Occupation lease maybe not ?
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Given that it won't come anyway, even if we have a Labor / Green government after the election probably not worthwhile to check out the fine print.
However - given the the first million dollars per person is free anyway and - if any - only the repayment would be taxable ... how many of these retirement apartments are more than 3 million dollars or so (1 million per spouse minus DMF)?
So - even for a top luxury apartment no wealth tax to pay which would force you to downgrade ... take a deep breath and sleep easy :):
Boy, I sure hope not, bonkers scheme, given the Auckland median is about $1m, its a peculiar definition of "wealth". Spare a thought for any care home nurses who are unlucky in love and bought a little Auckland house ages ago. Even their term deposits earning 1.1% before tax will get taxed.
I am not sure if that is socialism or welfarism to which you refer...however of course it depends on the actual tax rates and any threshold before the tax applies. But true left of centre tend to have higher rates with transfers to public services and the poorer whereas right of centre tend to reduce rates with cuts especially for the wealthier. However the effect on net income after gst and income tax depends in the effect of any fiscal stimulus from their policies.
However as BP referred the chance of their policy on this point being implemented is next to nil even in a coalition.
I am not sure why Wealth should not be taxed (with a threshold), it makes as much sense as taxing income and more sense than taxing the income needed merely for an individual to subsist.
Its nice to see the market starting to show some appreciation for OCA's outstanding long term growth prospects.
Maybe the drunk Monkey's are just starting to wake / sober up and catching the whiff of a feed ahead ;)
I'm committed for the long haul.
" They need more money to give away and it never is enough."
... adjusted ... it may well be some truth in that...the true followers may not see it that way but.....
OCA will certainly be starting to provide some nice capital gains at last esp for those who bought and held from the 50 o 70's...
DISC: we banked some but now only holding a small allotment. not selling.
Personally, as a salary earner, dividend and interest earner, that income is all taxed. On that account I am privileged to pay a good chunk of tax every year.
As an owner of a house and investment assets, the capital appreciation on those is wholly untaxed. In a good year I can earn well above the average wage with no tax deducted, and it is legal. Perhaps on that account I might accept there is a contribution to society that owning those assets might allow me to afford.