Black Monday

[mondograss]

Its not as clear as u making it out to be ...as per tax rules there is no capital gains tax on your own residential home so technically they not breaking any tax law but morally maybe . No bright line or dim light test for residential house of personal use !!

But they clearly are trading in their residential property for the purposes of making a profit. So on the basis that buying anything for the purposes of disposal should result in a tax bill for the profit, they should be paying tax on their activity.

[Balance]

Its not as clear as u making it out to be ...as per tax rules there is no capital gains tax on your own residential home so technically they not breaking any tax law but morally maybe . No bright line or dim light test for residential house of personal use !!

When a government breaks election promises as gleefully as this one, citizens are entitled to minimize their taxes in any way as long as it's legal.

Forget morality.

[alokdhir]

When a government breaks election promises as gleefully as this one, citizens are entitled to minimize their taxes in any way as long as it's legal.

Forget morality.

Thats some justification buddy ...lol like your sense of humour ....

[thegreatestben]

Thats some justification buddy ...lol like your sense of humour ....

I think balance makes a good point here.

[alokdhir]

But they clearly are trading in their residential property for the purposes of making a profit. So on the basis that buying anything for the purposes of disposal should result in a tax bill for the profit, they should be paying tax on their activity.

As I said its not in black and white ...their reason for selling maybe neighbours too noisy ...No one can prove intention when u bought ...They bought to live in but didn't like it so sold it ...no one can challenge that

[causecelebre]

Its not as clear as u making it out to be ...as per tax rules there is no capital gains tax on your own residential home so technically they not breaking any tax law but morally maybe . No bright line or dim light test for residential house of personal use !!

There is. As of Saturday any residential property that is unoccupied for > 12 months is now subject the the brightline tax rules.

[alokdhir]

There is. As of Saturday any residential property that is unoccupied for > 12 months is now subject the the brightline tax rules.

Its not unoccupied ..its your only residential house we are talking about here . If u have two together and leave one unoccupied for more then year then part of it gets capital gains tax ...

[dobby41]

Its not as clear as u making it out to be ...as per tax rules there is no capital gains tax on your own residential home so technically they not breaking any tax law but morally maybe . No bright line or dim light test for residential house of personal use !!

It is quite clear - the rule is that you can only use the main home exclusion twice over any two-year period.
https://www.ird.govt.nz/property/buy...rightline-rule

[Zaphod]

It is quite clear - the rule is that you can only use the main home exclusion twice over any two-year period.
https://www.ird.govt.nz/property/buy...rightline-rule

Which aligns absolutely perfectly for the family home serial house flicker. Excellent! Can't inconvenience that group of voters, can we.

[dobby41]

Which aligns absolutely perfectly for the family home serial house flicker. Excellent! Can't inconvenience that group of voters, can we.

There is probably a limit to how to make a rule that works.
I doubt that it was about not 'inconveniencing' any particular group.