National - FFS!

[Panda-NZ-]

Physical stores will have to change all their price labels which is a direct cost to them.

Plus it's a revenue tax and will hit businesses when we don't need that, but rather to obtain something from the currently untaxed parts of the economy.

The calculation is simple and would not be retrospective:
(Sale price - purchase price) * tax

[blackcap]

Plus all the receipts you often have to keep, gst numbers on an invoice, then having to file your "GST return" every two months (sometimes with IR372 attached plus spare "workings" papers) rather than once annually. It's a minefield. ^^

Don't be silly. Gst numbers on an invoice? Are you kidding me. Every 2 months, or 6 months filing is not that onerous. Does not take long and if it does it means your business is large enough to have an accountant. By the way, ever heard of Xero?

[artemis]

A common estimate of the black / grey economy is $20 billion a year. That is a lot of income tax not paid that can be partly or mostly offset by a GST increase. In the past there has been an adjustment to income tax to achieve neutrality with a GST increase. An opportunity to reset thresholds.

Parties tax policies? Greens and ACT have published theirs.

[dobby41]

The calculation is simple and would not be retrospective:
(Sale price - purchase price) * tax

So buy for $500k
Over the next 2 yrs add $200k improvements (new kitchen, bathroom etc (rather than new rooms))
10 yrs later sell for $1.2mil
Pay tax on $700k
Purchase new house similar to old for $1.2mil because housing inflation has grown the cost.
Not only has the housing inflation been taxed but so have the improvements you paid for.

[dobby41]

Plus all the receipts you often have to keep, gst numbers on an invoice, then having to file your "GST return" every two months (sometimes with IR372 attached plus spare "workings" papers) rather than once annually. It's a minefield. ^^

I file mine every 6 months - almost does itself.
If you use Xero I believe it does do it itself.

[fungus pudding]

Physical stores will have to change all their price labels which is a direct cost to them.

Plus it's a revenue tax and will hit businesses when we don't need that, but rather to obtain something from the currently untaxed parts of the economy.

The calculation is simple and would not be retrospective:
(Sale price - purchase price) * tax

You must spend each and every day looking for obstacles. Quik-stik labels are cheap and easy to advise any GST change. All taxes hit the consumer. What's your next problem?

[Panda-NZ-]

So buy for $500k
Over the next 2 yrs add $200k improvements (new kitchen, bathroom etc (rather than new rooms))
10 yrs later sell for $1.2mil
Pay tax on $700k
Purchase new house similar to old for $1.2mil because housing inflation has grown the cost.
Not only has the housing inflation been taxed but so have the improvements you paid for.

Simple solution -- add the improvements to the purchase price.

You must spend each and every day looking for obstacles. Quik-stik labels are cheap and easy to advise any GST change. All taxes hit the consumer. What's your next problem?

Plus the staff wages, opportunity cost and wasted time for whoever has to do this.

[dobby41]

Simple solution -- add the improvements to the purchase price.

Carpet?
Painted the walls?
New vanity?
All stuff done over the 20 years you owned the place - receipts kept?
Simple!

[artemis]

Carpet?
Painted the walls?
New vanity?
All stuff done over the 20 years you owned the place - receipts kept?
Simple!

Exactly! Not many owner occupiers keep those records, and seldom for the duration of ownership anyway. Of course they would need to differentiate between maintenance and improvements. IRD has a simple method LOL!

However, unlikely any CGT would be retrospective so there would be time to set up a large fireproof safe to keep the records in for the next 20 years.

[fungus pudding]

Simple solution -- add the improvements to the purchase price.



Plus the staff wages, opportunity cost and wasted time for whoever has to do this.

You have absolutely no understanding of this subject. Stop embarrassing yourself and find something useful to do.