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View Poll Results: Should there be a Capital Gains Tax on Property

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  • No

    213 100.00%
  • Yes

    74 56.49%
  • Goff is just an idiot

    2,147,483,658 100.00%
  • Epic fail for Labour

    1,935 100.00%
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  1. #141
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    Quote Originally Posted by minimoke View Post
    Back in May he was talking about joined up solutions. "…. but point is we have a housing affordability crisis so debate on baby boomers vs gen Y doesn't help," Healy wrote on Twitter. "We need joined-up solutions from council, govt, private sector and NFP's”

    No mention of CGT then.
    Not sure I get your point but agree that the boomers vs gen x,y,z,etc shouldn't be a focus on the housing affordability debate. Solutions joined up or disjointed are required. More houses built deals with supply, restrictions on foreign ownership could reduce demand. Cross the board capital gain tax reduces the tax advantages. This also comes back to the central bank policy as well. Policy is for 2% inflation so rents are rising while debt reduction gets 2% easier each year. I guess everyone has cottoned onto this and therefore buying houses even at elevated levels should pay off long term provided central banks(and the financial system) have their backs.

  2. #142
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Aaron View Post
    I would have said global central bank policy(low interest rates & easy money & inflation to clear debt) and immigration were the main causes at a guess. Banks seem to be getting a bit tougher re lending.
    The expansion of the Chinese banking system from what I read is quite spectacular maybe some of this funny money is buying Auckland property.
    Have you ever wondered why such a large %age of bank lending is in residential mortgages .....and the virtuous cycle that causes.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #143
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    Quote Originally Posted by winner69 View Post
    Have you ever wondered why such a large %age of bank lending is in residential mortgages .....and the virtuous cycle that causes.
    I had assumed it is because it is easier to value an existing house rather than a start up business with no history for making a profit or for that matter an existing business.
    Also houses never go down in value so it is a sure bet.

  4. #144
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    Quote Originally Posted by POSSUM THE CAT View Post
    CJ they only need to use the Australian system very simple
    It's not tht simple, and it has done more harm than good.

  5. #145
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    Lots and lots of lovely opinions, all good stuff.

    But a CGT changes the basis of taxation. And that deserves a thorough airing, certainly more than "Do we exclude the family home?"

    At present, taxation is generally transaction-based. I buy a cellphone, there's GST on the value of the transaction. I have a job, and earn $10,000 a month, There's PAYE on the value of the payment.

    Money has changed hands through an easily-identifiable transaction

    However CGT may be triggered by a transaction, but the amount of tax payable is not based on the value of the transaction, but on a separate, derived value.

    Now, what is going to be the first thing that occurs to the fertile mind? Why it's something like "CGT? Right then, let's not have a transaction that triggers a CGT. Now how can we do that".

  6. #146
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    I will sell you this house for what I paid for it, thank you GTM, you are very generous so I will gift you $x

  7. #147
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    Quote Originally Posted by GTM 3442 View Post
    Lots and lots of lovely opinions, all good stuff.

    But a CGT changes the basis of taxation. And that deserves a thorough airing, certainly more than "Do we exclude the family home?"

    At present, taxation is generally transaction-based. I buy a cellphone, there's GST on the value of the transaction. I have a job, and earn $10,000 a month, There's PAYE on the value of the payment.

    Money has changed hands through an easily-identifiable transaction

    However CGT may be triggered by a transaction, but the amount of tax payable is not based on the value of the transaction, but on a separate, derived value.

    Now, what is going to be the first thing that occurs to the fertile mind? Why it's something like "CGT? Right then, let's not have a transaction that triggers a CGT. Now how can we do that".

    Yes, it's vexed, very complicated and unlikely to be equitable, which is why NZ politicians have avoided it for fear of retribution which will surely follow any form of implementation.

  8. #148
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    Quote Originally Posted by Jay View Post
    I will sell you this house for what I paid for it, thank you GTM, you are very generous so I will gift you $x
    That's very good of you Jay, and I really appreciate the offer, but having a house would cause me all sorts of problems! So thanks, but no thanks.

  9. #149
    Legend minimoke's Avatar
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    Quote Originally Posted by Jay View Post
    I will sell you this house for what I paid for it, thank you GTM, you are very generous so I will gift you $x
    Good plan - though your gifting is limited to $6,000 per annum per gifter if you are close to needing residential care.

    If not, you will need a house to move into and boy have I got a deal for you. As part of my house sale I am willing to part with my priceless bathroom mirror. While I say priceless I would be prepared to let you have it for $50,000. (Learnt that one off Labours art auctions!)

  10. #150
    Legend minimoke's Avatar
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    Quote Originally Posted by GTM 3442 View Post
    That's very good of you Jay, and I really appreciate the offer, but having a house would cause me all sorts of problems! So thanks, but no thanks.
    I'm sure GMT you must have some capital somewhere we can tax so any tax is equitable across all asset classes

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