View Poll Results: Should there be a Capital Gains Tax on Property
- Voters
- 133. You may not vote on this poll
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No
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Yes
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Goff is just an idiot
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Epic fail for Labour
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21-02-2019, 03:50 PM
#301
I guess the NZ sharemarket will have a 25% spike up on V day, on record low volume.?
Then the paper war will start in ernest.
At this stage I am wondering what's the point of saving to invest.
Last edited by percy; 21-02-2019 at 03:52 PM.
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21-02-2019, 04:26 PM
#302
Originally Posted by percy
I guess the NZ sharemarket will have a 25% spike up on V day, on record low volume.?
Then the paper war will start in ernest.
At this stage I am wondering what's the point of saving to invest.
We'll need a V day first. I notice that Mr Oliver, a member of the TWG, is one of the dissenters. Since he knows a wee bit about what it takes for IRD to set up and collect tax he might actually be listened to when the government puts its legislation together.
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21-02-2019, 04:38 PM
#303
Well.. looks like house prices will continue to rise since this will be the only tax free place to park capital, such a stupid recommendation. Why save to invest in shares, you’d do better leveraging up and buying a bigger “family home”.
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21-02-2019, 04:39 PM
#304
Originally Posted by percy
I guess the NZ sharemarket will have a 25% spike up on V day, on record low volume.?
Then the paper war will start in ernest.
At this stage I am wondering what's the point of saving to invest.
Perhaps an unintended consequence will be to reinforce the strategy of selling losers and keeping winners. Of course, it rather complicates a decision to sell a winner when the shareprice starts to trend downwards.
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21-02-2019, 04:39 PM
#305
Well it will take the argument out of whether you are an investor or a trader.
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21-02-2019, 07:10 PM
#306
Originally Posted by fungus pudding
Exactly what I said.You will only need to know valuation on V day. Prior to that date gain or loss will be irrelevant.
FP, thought you'd like the idea of a rollover being mooted (perhaps have to reinvest in a similar area). Can't see how they'll ever collect any CGT if that is the case. Maybe you'd be allowed to buy a vintage car or other asset that is likely to still increase in value. Or even put the capital gain into a savings account? Labour must be worried about having National undo it all. Sounds to me like the tax accountants will be happy to provide answers here.
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21-02-2019, 07:15 PM
#307
Originally Posted by 777
Well it will take the argument out of whether you are an investor or a trader.
Only if the CGT is set at your marginal tax rate which is the most idiotic idea and is not the case in any other country with a CGT. If it's set around 15% as it should be then most traders will still pay more tax than investors.
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21-02-2019, 07:25 PM
#308
Personally, I have concerns about IRD's capacity to administer a CGT.
And if, as p17 of the executive summary suggests, it will be necessary to undertake a series of test cases, then adequate clarity might well lie some distance in the future.
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21-02-2019, 07:30 PM
#309
Originally Posted by couta1
Only if the CGT is set at your marginal tax rate which is the most idiotic idea and is not the case in any other country with a CGT. If it's set around 15% as it should be then most traders will still pay more tax than investors.
They have already stated that it is to be your marginal tax rate.
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21-02-2019, 07:52 PM
#310
Originally Posted by 777
They have already stated that it is to be your marginal tax rate.
There is no way they will get this thing through at your marginal tax rate, I'd put money on it.
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