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  1. #2651
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    Gift duty was abolished in 2011.

    One has to wonder why.

  2. #2652
    Senior Member
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    Christchurch
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    Quote Originally Posted by clearasmud View Post
    We need a land tax to stop this horrible property inflation cycle and we need a flat(ish) tax to encourage effort from especially the young.
    Weak non business-headed government just doesn't work either.
    Journalist - Economist Bernard Hickey wrote a very well thought out article on the housing problem in NZ over a year ago. His summary was that a 'land tax' would definitely help NZ out. He criticised Jacinda on the lack of CGT (or any form of taxation against those that own multiple houses).

    To be clear, a "Wealth Tax" is not the same as "Capital Gains Tax". The former pertains total asset value over a threshold while the latter is purely based on rising value (threshold or not).

    @Panda:

    Gift Duty was removed because it was not working. No one was paying it because lawyers and accountants would setup trusts for their clients (they plan well ahead - so Gift Duty does not apply). If you look at my previous post, other countries with much lower housing prices have some form of taxation on ownership of more than one house and ownership by foreign nationals (ie. vacancy tax, sur-charge rates, one-time sales tax at non-residents on top of the purchase house price). FYI, in Canada this non-residency tax is at a whopping 20% or $1M tax on a $5M value house; instead NZ just banned foreign buyers. NZ has no demand controls whatsoever, but all the incentives as I listen on the radio ads 'Propeller Properties' asking people to invest into houses with the angle that house prices double every 10 years and you can get rich or pay off your existing mortgage kind of deal. Yep still the best game in town.

  3. #2653
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    Christchurch
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    Quote Originally Posted by Aaron View Post
    Don't panic about your house price winner, labour has got you covered.

    https://www.nzherald.co.nz/nz/covid-...2TKJBQPPRFXFU/

    Numbers are pretty big 165,000 new NZers in the next little while. Should be enough to exceed departures and new house construction by a long way and keep wage inflation down.

    Brilliant suppress wage inflation and boost asset prices all at the same time.

    Although Ardern using weasel words to open the door to bring in a capital gains(wealth) tax after the election. A departure from John Key's promises of a better NZ I wonder.

    https://www.msn.com/en-nz/news/natio...7a75ca01168647
    I would support Luxton's 'scaling' of the income tax brackets. Canada has been doing this for as long as I can remember called "Indexed to Inflation". It not only applies to income tax brackets, but also applies to gov't superannuation, disability payments, contribution limits on investment portfolio plans (TFSA, RRSPs, RDSPs, etc etc etc...).

  4. #2654
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    Feb 2004
    Location
    Wellington, , New Zealand.
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    616

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    Quote Originally Posted by SBQ View Post
    Journalist - Economist Bernard Hickey wrote a very well thought out article on the housing problem in NZ over a year ago. His summary was that a 'land tax' would definitely help NZ out. He criticised Jacinda on the lack of CGT (or any form of taxation against those that own multiple houses).

    To be clear, a "Wealth Tax" is not the same as "Capital Gains Tax". The former pertains total asset value over a threshold while the latter is purely based on rising value (threshold or not).

    @Panda:

    Gift Duty was removed because it was not working. No one was paying it because lawyers and accountants would setup trusts for their clients (they plan well ahead - so Gift Duty does not apply). If you look at my previous post, other countries with much lower housing prices have some form of taxation on ownership of more than one house and ownership by foreign nationals (ie. vacancy tax, sur-charge rates, one-time sales tax at non-residents on top of the purchase house price). FYI, in Canada this non-residency tax is at a whopping 20% or $1M tax on a $5M value house; instead NZ just banned foreign buyers. NZ has no demand controls whatsoever, but all the incentives as I listen on the radio ads 'Propeller Properties' asking people to invest into houses with the angle that house prices double every 10 years and you can get rich or pay off your existing mortgage kind of deal. Yep still the best game in town.
    Yes lots of things one could do.
    The councils have conspired to create this mess.
    The govt needs to legislate that subdivision costs (roads, parks etc) are socialized to the ratepayers, (like Germany) and new land is required to be opened up in a timely way.

  5. #2655
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    Nov 2018
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    Christchurch
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    Quote Originally Posted by clearasmud View Post
    Yes lots of things one could do.
    The councils have conspired to create this mess.
    The govt needs to legislate that subdivision costs (roads, parks etc) are socialized to the ratepayers, (like Germany) and new land is required to be opened up in a timely way.
    Unlike NZ, in Canada major building projects such as a new subdivision, have it's infrastructure build out PAID FOR by the gov't (partially funded). Our section prices are so high because of high 'developmental contribution' fees and all the infrastructure is put on to the developer to pay. Agree, the way the local council gov'ts operate has fuelled this mess and I think the '3 Waters' deal is a way to get more water infrastructure development (as many councils sat and did nothing).

    Even if we get lots of land zoned and developed into sections, we still have a problem of building costs. NZ needs to start recognising overseas testing standards for building products because it's way too costly for foreign products to come to NZ and having to go through the same testing rigmarole (ie Branz) which adds to the cost of the product. This is a great barrier to existing companies like Fletcher that see little competition.

  6. #2656
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    Oct 2019
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    196

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    I haven't been here for months and still last post is SBQ babbling on about Canada and post before it is SBQ praising Bernard Hickey... it must be like 100 pages worth of SBQ regurgitating these 2 points now.
    Last edited by peetter; 07-05-2022 at 08:52 AM.

  7. #2657
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    Christchurch
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    Quote Originally Posted by peetter View Post
    I haven't been here for months and still last post is SBQ babbling on about Canada and post before it is SBQ praising Bernard Hickey... it must be like 100 pages worth of SBQ regurgitating these 2 points now.
    We've tried the NZ way or ingenuity for how many decades? Let's not kid ourselves that past successive gov'ts have failed. They're simply not interested in fixing our housing problem as we've only seen lots of talk but no substance. Listening to Megan Woods in past talk radio conversations prove that you can't get a straight answer. Nothing but excuses. So what recourse do we have??? We SHOULD consider how OTHER countries have addressed such problems. We should NOT be so ignorant in "this is NZ and that's how we do things".

    BTW my last post is specifically different and never mentioned before. We have a high cost structure for infrastructure development (don't blame the lack of houses on vast farmland), the developers know to bring affordable sections to market is impossible because they're footing the bill for everything.

  8. #2658
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    Mar 2010
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    1,762

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    NZ 1st home owners are screwed.

    No incentive for those in power to change things.

    https://www.stuff.co.nz/business/128...o-help-renters

    Mind you when suggesting first home buyers might be a bit thick voting for Labour or National I could compare us to the Philippines for thick voters they just voted in the son of the last dictator who has the same name as his Dad. Ferdinand Marcos was ousted by an uprising of the people now his son has been voted in.

    Obviously I am an outsider and have no idea why they would have voted this way but on the face of it, it seems bats*it crazy as he won in a landslide.
    Last edited by Aaron; 13-05-2022 at 11:38 AM.

  9. #2659
    Guru
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    Aug 2012
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    3,591

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    Quote Originally Posted by Aaron View Post
    NZ 1st home owners are screwed.

    No incentive for those in power to change things.

    https://www.stuff.co.nz/business/128...o-help-renters

    Mind you when suggesting first home buyers might be a bit thick voting for Labour or National I could compare us to the Philippines for thick voters they just voted in the son of the last dictator who has the same name as his Dad. Ferdinand Marcos was ousted by an uprising of the people now his son has been voted in.

    Obviously I am an outsider and have no idea why they would have voted this way but on the face of it, it seems bats*it crazy as he won in a landslide.
    Hopeful first home buyers want to get in on the Labour and National residential real estate gravy train too. So it is only those who realise they have no chance on buying into the housing market who want meaningful reform?
    Last edited by Bjauck; 14-05-2022 at 08:41 AM.

  10. #2660
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    Apr 2008
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    Sth Island. New Zealand.
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    Quote Originally Posted by Bjauck View Post
    Hopeful first home buyers want to get in on the Labour and National residential real estate gravy train too. So it is only those who realise they have no chance on buying into the housing market who want meaningful reform?
    That's interesting. Here's silly ol' me thinking there must be hundtreds of things that interest or motivate voters.

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