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  1. #12101
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    Quote Originally Posted by Balance View Post
    Resounding raving vindication vs if on NZX, probably down 35%.
    Pure speculation Balance, but I get the point that you all seem to think NZX sucks.

    (However, whether Jayne and/or the ATM Board shares your views remains to be seen.... )
    Last edited by Leftfield; 23-01-2019 at 05:06 PM.

  2. #12102
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    If Cullen gets his nutty way and a CGT comes in at ones marginal tax rate(Out of step with every other country where it is at a lesser rate) the NZX is screwed, watch people leave the market and head for property as well as putting off any potential newcomers, not to mention an exodus of overseas funds from our market.Lol

  3. #12103
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    Quote Originally Posted by couta1 View Post
    If Cullen gets his nutty way and a CGT comes in at ones marginal tax rate(Out of step with every other country where it is at a lesser rate) the NZX is screwed, watch people leave the market and head for property as well as putting off any potential newcomers, not to mention an exodus of overseas funds from our market.Lol
    People already should pay capital gains tax when selling more than $50,000 worth of assets on ASX. If A2 does make it into the ASX plenty of people will have to pay capital gains tax

  4. #12104
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    Quote Originally Posted by Ggcc View Post
    People already should pay capital gains tax when selling more than $50,000 worth of assets on ASX. If A2 does make it into the ASX plenty of people will have to pay capital gains tax
    Imagine having to pay it at a 33% rate though that's wild west,what has Cullen been smoking?

  5. #12105
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    Quote Originally Posted by Ggcc View Post
    People already should pay capital gains tax when selling more than $50,000 worth of assets on ASX. If A2 does make it into the ASX plenty of people will have to pay capital gains tax
    Should because you think that morally right or should because Australian residents do. Or are you confusing the FDR regime applicable to NZ residents. FDR is not a capital gains tax.

  6. #12106
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    Quote Originally Posted by 777 View Post
    Should because you think that morally right or should because Australian residents do. Or are you confusing the FDR regime applicable to NZ residents. FDR is not a capital gains tax.
    My accountant told me any investments I had in Australia over $50,000 were taxable as in CGT. I did not have that amount invested in Australia so I did not qualify for that tax.
    Last edited by Ggcc; 23-01-2019 at 07:44 PM.

  7. #12107
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    Quote Originally Posted by Ggcc View Post
    My accountant told me any investments I had in Australia over $50,000 were taxable as in CGT. I did not have that amount invested in Australia so I did not qualify for that tax.
    He is referring to FDR then. If your under 50,000 then you pay tax on dividends or distributions received. If over 50,000 then you pay tax on 5% of your opening balance at the beginning of each tax year. This is the maximum. If however your investments do not increase in value by 5%, including dividends and distributions then you only pay tax on what it does increase by.

    There are a few other rules but that is the gist of it. Nothing to be frightened of.

    Definitely not a CGT.

  8. #12108
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    Quote Originally Posted by Ggcc View Post
    People already should pay capital gains tax when selling more than $50,000 worth of assets on ASX. If A2 does make it into the ASX plenty of people will have to pay capital gains tax
    This is not a tax thread ... but this statement is plain wrong. Most ASX shares are by IRD treated like NZX shares - you only pay for capital gains if you are trading, not if you are investing ... and the $50k you are talking about would be the de-minimus limit for holding NOT exempted foreign funds (including some not exempted shares on the ASX) - no matter whether you hold them or sell them.

    If you want to know more - there is plenty of stuff on the IRD webpages ... and the rules are tweaked regularly, i.e. if you hold or used to hold (not sell) more than $50k in foreign funds, you better check every year:

    https://www.ird.govt.nz/toii/fif/fif-index.html

    Ah yes, and if it is A2 shares you are worried about, no matter whether they are NZX or ASX traded - they are FIF exempt. No 50k limit whatsoever. Obviously - you need to declare your dividends (if & when they pay some) and you need to pay taxes if you are trading.
    Last edited by BlackPeter; 24-01-2019 at 07:33 AM.
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  9. #12109
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    Quote Originally Posted by BlackPeter View Post
    This is not a tax thread ... but this statement is plain wrong. Most ASX shares are by IRD treated like NZX shares - you only pay for capital gains if you are trading, not if you are investing ... and the $50k you are talking about would be the de-minimus limit for holding NOT exempted foreign funds (including some not exempted shares on the ASX) - no matter whether you hold them or sell them.

    If you want to know more - there is plenty of stuff on the IRD webpages ... and the rules are tweaked regularly, i.e. if you hold or used to hold (not sell) more than $50k in foreign funds, you better check every year:

    https://www.ird.govt.nz/toii/fif/fif-index.html

    Ah yes, and if it is A2 shares you are worried about, no matter whether they are NZX or ASX traded - they are FIF exempt. No 50k limit whatsoever. Obviously - you need to declare your dividends (if & when they pay some) and you need to pay taxes if you are trading.

    Looking forward though, Cullen has intimated that local shares will be taxed under a deemed return method as well. So we will basically have a version of the FDR for NZX and all ASX shares.

  10. #12110
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    Quote Originally Posted by Ggcc View Post
    My accountant told me any investments I had in Australia over $50,000 were taxable as in CGT. I did not have that amount invested in Australia so I did not qualify for that tax.
    Either get a better accountant or listen to the one you have better.
    Also FIF isn't for shares OVER $50k - if you have $50k or more in investments covered by FIF you have to follow FIF for the lot - not just the bit over $50k.

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