Capital Gains Tax

[777]

If this thing goes ahead it will be only a shadow of the current recommendations put forward by the tax working group, I think the current Govt has underestimated the resistance to a CGT.

Anybody with any brains would have known it would go down like a lead balloon. So that ruled them out to start with.

[minimoke]

If this thing goes ahead it will be only a shadow of the current recommendations put forward by the tax working group, I think the current Govt has underestimated the resistance to a CGT.

The worry is they will pick out the bits that suit them and end up making a real buggers muddle out of it.

[iceman]

So on the 6 o’clock news we see Taxinda’s Chief Taxman Cullen say he agrees with Iwi they should be exempt from CGT. So Labour wants our tax system based on race. Can this get any worse ?

[blackcap]

So on the 6 o’clock news we see Taxinda’s Chief Taxman Cullen say he agrees with Iwi they should be exempt from CGT. So Labour wants our tax system based on race. Can this get any worse ?

Well its about time this white cracker starts finding some Iwi or tribal affiliation. One only need to identify as Maori these days anyway to be considered Maori so it should not be that difficult. Been to a Marae many times, and know the odd phrase of Te Reo. Could come in handy when the IRD inspector comes for a visit.

[Bjauck]

So on the 6 o’clock news we see Taxinda’s Chief Taxman Cullen say he agrees with Iwi they should be exempt from CGT. So Labour wants our tax system based on race. Can this get any worse ?

Strengthening the NZ version of the apartheid system (“positive discrimination’”) will strengthen the opposition to the tax in other races?

[percy]

Well I am certainly not going to put my assets in my Maori grand daughter's name.She has a lot of her father "Gunna" in her.
Not going to buy a big flash house either.
So not sure what I am going to do yet.
Maybe sell my specs and add to my income stocks.
Yet those specs are small companies that need capital to expand.But why bother?

[iceman]

Yes that's how it is SBQ. Labour is now backtracking full speed and promising "family home", "farmers", "small businesses", "Maori" and who knows what else, exemptions. This thing simply will not fly here in NZ.
I do think agood, low, flat CGT has a part to play in a sensible tax system, but it would have to be like NZ's (world beating) GST, flat rate without exemptions. I have several properties in a European country that has a CGT, yet I've never paid any (except on bank balances and FX gains) because of all the exemptions on "homes" and the totally reasonable "repatriation" clauses.
Here Labour wants to exempt the "family home". Just momentarily think how much that term and the definitions of it can be stretched. My idea would be to sell my shares and buy a couple of acres sections to build my home on with "extensions" (AKA different abodes) for the rest of my family and charge them rent.

[minimoke]

Yes that's how it is SBQ. Labour is now backtracking full speed and promising "family home", "farmers", "small businesses", "Maori" and who knows what else, exemptions.

Pretty much just leaves those of us who hold shares

Here Labour wants to exempt the "family home". Just momentarily think how much that term and the definitions of it can be stretched. My idea would be to sell my shares and buy a couple of acres sections to build my home on with "extensions" (AKA different abodes) for the rest of my family and charge them rent.

Thinking I might have to have a family home. My wife can have one two. And my kids

[Bjauck]

[LEFT]Pretty much just leaves those of us who hold shares

They may as well be done with it and just close the NZ share market and let overseas interests control all large NZ companies!

[Zaphod]

Yes that's how it is SBQ. Labour is now backtracking full speed and promising "family home", "farmers", "small businesses", "Maori" and who knows what else, exemptions. This thing simply will not fly here in NZ.
I do think agood, low, flat CGT has a part to play in a sensible tax system, but it would have to be like NZ's (world beating) GST, flat rate without exemptions. I have several properties in a European country that has a CGT, yet I've never paid any (except on bank balances and FX gains) because of all the exemptions on "homes" and the totally reasonable "repatriation" clauses.
Here Labour wants to exempt the "family home". Just momentarily think how much that term and the definitions of it can be stretched. My idea would be to sell my shares and buy a couple of acres sections to build my home on with "extensions" (AKA different abodes) for the rest of my family and charge them rent.

Remember, you only have 4500m2 before the rest is subject to CGT. And don't try to tell me the IRD wouldn't argue your section in the middle of the city isn't a lifestyle block! After all, there's dollars to be milked from you!