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Thread: Housing Tax

  1. #1
    Advanced Member Valuegrowth's Avatar
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    Default Housing Tax

    Is Property tax important?

    https://www.bloomberg.com/news/artic...-seattle-homes

    Vancouver Housing Tax Pushes Chinese to $1 Million Seattle Homes

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    Advanced Member Valuegrowth's Avatar
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    http://www.iexpats.com/luxury-house-prices...g-around-world/

    Luxury House Prices Cooling Around The World

  3. #3
    Ignorant. Just ignorant.
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    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.

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    Advanced Member Valuegrowth's Avatar
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    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.
    Last edited by Valuegrowth; 01-01-2017 at 09:59 AM.

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    Quote Originally Posted by MARKETWINNER View Post
    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.

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    Quote Originally Posted by fungus pudding View Post
    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.

  7. #7
    Senior Member Toulouse - Luzern's Avatar
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    Quote Originally Posted by GTM 3442 View Post
    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 ....

  8. #8
    Advanced Member Valuegrowth's Avatar
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    If I am correct the Morgan Foundation has proposed the comprehensive capital income tax (CCIT) as a way of closing some loopholes. If you realize current property boom mainly limited to English speaking countries such as UK, Canada, UK and Australia. They say foreigners can afford to buy property but long term citizens cannot think about buying property. For example some employees in Auckland moved to other areas as they couldn’t afford to rent. They also say only way to stop this property boom is introducing capital gain for property traders excluding living home (first home). Is it making sense?
    Last edited by Valuegrowth; 02-01-2017 at 09:54 PM.

  9. #9
    Advanced Member Valuegrowth's Avatar
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    Robertson today said the government wants to address the issue where property speculators haven't paid tax on income from selling houses at a profit whereas salary and wage earners' incomes are captured.

    http://www.scoop.co.nz/stories/BU171...tax-system.htm

    I believe Sir Michael Cullen may propose tax proposals for the benefit of unaffordable New Zealand citizens. In addition, he may propose capital gain tax for trading houses which is similar to trading stocks and other assets. Sooner they implement it may be better for the economy. Otherwise there may be another banking and financial crisis.

    In short this time is also not different. History should repeat in a different manner. I am very fearful on things happening in the overvalued property markets throughout the world.
    Last edited by Valuegrowth; 25-11-2017 at 03:01 AM.

  10. #10
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    Quote Originally Posted by MARKETWINNER View Post
    Robertson today said the government wants to address the issue where property speculators haven't paid tax on income from selling houses at a profit whereas salary and wage earners' incomes are captured.

    http://www.scoop.co.nz/stories/BU171...tax-system.htm

    I believe Sir Michael Cullen may propose tax proposals for the benefit of unaffordable New Zealand citizens. In addition, he may propose capital gain tax for trading houses which is similar to trading stocks and other assets. Sooner they implement it may be better for the economy. Otherwise there may be another banking and financial crisis.

    In short this time is also not different. History should repeat in a different manner. I am very fearful on things happening in the overvalued property markets throughout the world.
    There is no difference between tax treatment of trading houses and shares and other assetts already. In spite of all the largely ignorant commentary, they are all treated the same.

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