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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10-10-2017, 08:13 AM
#151
Originally Posted by minimoke
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!)
Yes there would be holes everywhere that some smart people would find
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10-10-2017, 08:31 AM
#152
Originally Posted by Baa_Baa
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.
It's also quite pointless unless ALL real estate is included. Primary residence et al.
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10-10-2017, 08:50 AM
#153
Originally Posted by fungus pudding
It's also quite pointless unless ALL real estate is included. Primary residence et al.
No argument from me on that point.
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10-10-2017, 08:51 AM
#154
Originally Posted by fungus pudding
It's also quite pointless unless ALL real estate is included. Primary residence et al.
Arguably it would be quite pointless unless ALL capital is included.
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10-10-2017, 09:45 AM
#155
Originally Posted by minimoke
Arguably it would be quite pointless unless ALL capital is included.
All capital? Do you mean all capital gains?
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10-10-2017, 10:16 AM
#156
Originally Posted by fungus pudding
All capital? Do you mean all capital gains?
Any gain on a wealth generating asset
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10-10-2017, 10:33 AM
#157
Originally Posted by minimoke
Any gain on a wealth generating asset
There's got to be a limit. Collectables, wine collections, stamp collections, art, vintage cars, antiques - and there's still that definition game which will plague cgt on real estate. It's a major problem, e'g' does a coin collector/dealer pay income tax on profits - or CGT on gains. (Credits on losses?) or should capital gains simply be treated as income with no special tax rate? There's an endless list where collecting tax would reult in a loss to the taxman. Besides, such things are close to impossible to trace.
NZ's system of intention is not perfect, but overall it's certainly better than any half-baked CGT plan. But if we introduce CGT at all it will be half-baked at best and do little more than appease the envious. To introduce a proper and effective CGT would be political hara-kiri.
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10-10-2017, 10:56 AM
#158
Originally Posted by minimoke
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!)
Are you not a Labour Party voter? Gosh.. I never would have guessed!
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10-10-2017, 11:17 AM
#159
Originally Posted by fungus pudding
There's got to be a limit.
Agreed - at some point the cost of collection will outweigh tax gained. But with IRD big expensive new IT system the range can be expanded
Originally Posted by fungus pudding
Collectables, wine collections, stamp collections, art, vintage cars, antiques - and there's still that definition game which will plague cgt on real estate. It's a major problem, e'g' does a coin collector/dealer pay income tax on profits - or CGT on gains. (Credits on losses?) or should capital gains simply be treated as income with no special tax rate? There's an endless list where collecting tax would result in a loss to the taxman. Besides, such things are close to impossible to trace.
It will depend on the definitions. But it will be important to over all wealth generating asset classes so people aren't motivated to shift from a CGT class to a none CGT class.
No you wont get a credit for losses - this is about collecting tax off the wealthy, you would not want to disadvantage those that make bad decisions by giving them credits they couldn't use.
A coin collector would pay CGT on any gain as he isn't in the business of trading coins. A coin dealer would pay tax on profits made.
Things are now easier to trace thanks to technology (for example your car - take it for a WOF and the garage knows if it is the registration has been paid). Put something into your asset definition - say "artwork". Its given an asset number registered with IRD. Its scanned on purchase. Scanned on resale. Its accounted for in the annual tax return.
Originally Posted by fungus pudding
NZ's system of intention is not perfect, but overall it's certainly better than any half-baked CGT plan. But if we introduce CGT at all it will be half-baked at best and do little more than appease the envious. To introduce a proper and effective CGT would be political hara-kiri.
CGT would be guaranteed to make accountants and solicitors wealthier - and isnt that an irony. The clever would remain clever and find ways of avoiding CGT. In the end the risk is cost of implementation greater than tax gained. But that's not the point - we have to get rid of poverty and lessening the gap between the haves and the have nots and if a half baked CGT gives the appearance of achieving that then all is good
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10-10-2017, 11:22 AM
#160
Originally Posted by Sgt Pepper
Are you not a Labour Party voter? Gosh.. I never would have guessed!
I do admire the way they legitimately launder money.
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