View Poll Results: Should there be a Capital Gains Tax on Property
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- 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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14-07-2011, 04:51 PM
#101
Member
Under Labour does it mean The FIF tax will be dumped?
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14-07-2011, 05:34 PM
#102
Originally Posted by fungus pudding
I can't believe Goff and his mates really think that Fruit and Veg would be cheaper just cos the GST has gone.
I think Goff may be a little lactose intolerant. Why keep GST on that nutritional staple, the bottle of milk. Doesn't he want the poor to stop drinking Coke? While we are at it why not take GST of porridge - nothing like a plate of hot gruel to start the day for the underprivileged.
I'l now be interested in how landlords react. We are desperately short of housing stock and we need private individuals to invest in that market since government only holds around 15% of the total stock. If we see landlords retreat govt will need to spend more on housing which will see the CGT head off to more housing purchases by government. Kinda defeats their purpose since they see investment in housing as unproductive.
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14-07-2011, 05:53 PM
#103
Originally Posted by minimoke
I think Goff may be a little lactose intolerant. Why keep GST on that nutritional staple, the bottle of milk. Doesn't he want the poor to stop drinking Coke? While we are at it why not take GST of porridge - nothing like a plate of hot gruel to start the day for the underprivileged.
I'l now be interested in how landlords react. We are desperately short of housing stock and we need private individuals to invest in that market since government only holds around 15% of the total stock. If we see landlords retreat govt will need to spend more on housing which will see the CGT head off to more housing purchases by government. Kinda defeats their purpose since they see investment in housing as unproductive.
Landlords won't care. Nobody will because Labour will not see the treasury benches while Goff is at the helm and the new broom will rework some of this stuff. But that's two elections away. They haven't got a Goff replacement yet unless Clayton Cosgrove has a fling. Hughes has gone. Shane Jones stuffed his chances. Cunliffe would not appeal to the masses. David Parker just aint got it. National are pretty safe for long enough.
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14-07-2011, 07:15 PM
#104
Member
Originally Posted by POSSUM THE CAT
Lissica The australian capital gains tax for shares is very simple. If NZ uses the same system it would be very good
So you buy 6789 shares of XYZ on a particular date, reinvest in their DRP and acquire another 73 shares on another date at a different price, then subscribe to a rights issue on another date at a different price, some time later you sell 357 shares (at a loss), buy back another 900 shares at another date, then another company takes it over using a mixture of script and cash payment.
Now multiply that by however many shares in your portfolio. Is there an easy way around this or do we have to have to spend all day in front of a spreadsheet?
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14-07-2011, 07:29 PM
#105
Originally Posted by lissica
So you buy 6789 shares of XYZ on a particular date, reinvest in their DRP and acquire another 73 shares on another date at a different price, then subscribe to a rights issue on another date at a different price, some time later you sell 357 shares (at a loss), buy back another 900 shares at another date, then another company takes it over using a mixture of script and cash payment.
Now multiply that by however many shares in your portfolio. Is there an easy way around this or do we have to have to spend all day in front of a spreadsheet?
do you use LIFO, FIFO or weighted average?
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14-07-2011, 08:25 PM
#106
Originally Posted by CJ
do you use LIFO, FIFO or weighted average?
Cheeky! :P
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15-07-2011, 04:23 PM
#107
Member
Perhaps a Financial Transaction Tax would be a better option than the Labour proposal http://www.makefinancework.org/home-...r-a-financial/
A quote attributed to Margaret Thatcher goes along the lines of
"The problem with socialism is that eventually you run out of other people's money."
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15-07-2011, 04:27 PM
#108
Originally Posted by Waiuta
Perhaps stopping the waste of our money would be even better still.
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16-07-2011, 12:21 PM
#109
Originally Posted by belgarion
Well once again Labour has shot itself in the foot.
Instead of making the CGT very simple and with no exceptions, they've suggested
a leftist style load of mumbo-jumbo that seeks to 'balance the tax take' along
social engineering lines. Bollocks.
And no GST on fresh foods? More Bollocks!
And more progressive tax on high income earners who are generally salaried
and struggle to hide from tax unlike business owner. Even more Bollocks.
Why don't politians under the KISS principle? (Seems only R Douglas did that when he introducd GST!).
Because among this sad Labour lot I doubt that there is one of them who has any commercial experience, or any they can remember. They simply do not know how the world works. You are right abour Roger Douglas. He rejected CGT because as he put it 'it stops things happening' and his no exemption GST should never be tampered with. It works, and it's simple and leaves little room for dodgy stuff.
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17-07-2011, 10:43 PM
#110
Think of all the extra people that will be needed in the IRD. Everyone will have to file tax returns again to ensure they only get the first $5,000 tax free. Up goes the state servants numbers again.
Actually I can live with the CGT but I can't agree with the GST being wiped off fruit and vegetables, and the increase in the top tax rate is just a typical Labour "anti success" tax. The first $5,000 tax free is simply a vote bribe. All political and not fiscal.
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