Change in NZ's FIF Tax Regime on the way ?

[GTM 3442]

Yes this is the way, chance for National et al to do something truly transformational.

A 15% capital gains tax on all realised assets except the family home would reduce personal taxes and simplify the tax code.

Out of idle curiosity, how would adding a new personal tax (a CGT) reduce personal taxes?

[Aaron]

Out of idle curiosity, how would adding a new personal tax (a CGT) reduce personal taxes?

At a guess I would suggest maybe Jaa meant income taxes not personal taxes. As in a capital gains tax might allow a reduction in personal income taxes.

I am only guessing though.

[nztx]

At a guess I would suggest maybe Jaa meant income taxes not personal taxes. As in a capital gains tax might allow a reduction in personal income taxes.

I am only guessing though.

but surely moving the tax collection impost even slightly to 15% slice of the unheard of Cap gains realised represents an even less reliable & timely on the unpredictable tax collection model ?

And bear in mind that the smart Lawyers, Advisers and Accountants will really have a feast out of the change exploring every nook cranny & crevace on this for the slightest of gaps

They've probably already been salivating behind closed doors ever since the first of Labour's botched attempts at feebly grasping at straws on the idea hit the airwaves ..

[GTM 3442]

but surely moving the tax collection impost even slightly to 15% slice of the unheard of Cap gains realised represents an even less reliable & timely on the unpredictable tax collection model ?

And bear in mind that the smart Lawyers, Advisers and Accountants will really have a feast out of the change exploring every nook cranny & crevace on this for the slightest of gaps

They've probably already been salivating behind closed doors ever since the first of Labour's botched attempts at feebly grasping at straws on the idea hit the airwaves ..

Since you have a set of registries for shareholders,and you can differentiate between residents and non-residents, and you have access to NZX/USX/Companies Office transactions it's not too difficult an exercise to declare 1/1/20xx as "valuation day" and proceed from there.

Plus it lays the bureaucratic & administrative foundations for a wealth tax.

What's not to like [\sarc]