View Poll Results: Should there be a Capital Gains Tax on Property
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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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Originally Posted by Panda-NZ-
More the politics of make everyone pay tax which is often a right wing outlook.
When professionals pay 30% income and gst and real estate moguls etc pay 0% there are many and varied issues to consider.
Real businesses have to pay a flat 15% on their sales while others pay nothing.
Real estate moguls, whatever they are, pay exactly the same tax as everyone else on their income. Businesses pay 15% on their profit margin. Not their sales.
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Who pays the sales tax known as GST to the IRD.
Not the consumer. and not the person who flips properties to someone else tax free every couple of months or so.
Last edited by Panda-NZ-; 03-09-2020 at 01:15 PM.
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Originally Posted by Panda-NZ-
Who pays the sales tax known as GST to the IRD.
Not the consumer. and not the person who flips properties to someone else tax free every couple of months or so.
You really do not know what you are talking about do you. If you "flip properties" you pay tax on any gains made.
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Originally Posted by blackcap
You really do not know what you are talking about do you. If you "flip properties" you pay tax on any gains made.
If selling properties 'every couple of months or so', then that is a taxable activity. If you're an investor in real estate you pay tax on rental profit.
GST is not known as sales tax. It is a tax paid by any GST registered person. The sales total, while used in the calculation is not the figure GST is paid on. From sales or income a registered person deducts costs and purchases etc, and pays on that figure. i.e. the profit.
I get the distinct impression you are one of those snivelling small-minded sad-sacks who spends your life worrying that under every rock is someone doing better than you. Well if so, it's because they are more deserving than you, boosted largely by a positive attitude.
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Originally Posted by fungus pudding
If selling properties 'every couple of months or so', then that is a taxable activity. If you're an investor in real estate you pay tax on rental profit.
GST is not known as sales tax. It is a tax paid by any GST registered person. The sales total, while used in the calculation is not the figure GST is paid on. From sales or income a registered person deducts costs and purchases etc, and pays on that figure. i.e. the profit.
I get the distinct impression you are one of those snivelling small-minded sad-sacks who spends your life worrying that under every rock is someone doing better than you. Well if so, it's because they are more deserving than you, boosted largely by a positive attitude.
Are you replying to me because if you are that makes no sense whatsoever.
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Originally Posted by fungus pudding
If selling properties 'every couple of months or so', then that is a taxable activity. If you're an investor in real estate you pay tax on rental profit. ......
If you are an investor in residential real estate then you can pay income tax at marginal rate on capital gain. Bright line test. Note residential rentals only. Then there is the intention test as well.
There is an increasing number of gotchas in relation to rentals. Some have sold up or not added to portfolios, others owners might well be waiting for the 5 year mark to sell, or until the carried forward rental losses have been used up.
Could be a rental shortage now or coming up. There is already a shortage for even slightly risky tenants, as witness the skyrocketing social housing waiting list. And net migration is also rising fast.
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Originally Posted by artemis
If you are an investor in residential real estate then you can pay income tax at marginal rate on capital gain. Bright line test. Note residential rentals only.
Since when did C and I become exempt?
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If you do then you're doing it wrong.
If a CGT came in then presumably it would replace the tax (or be a lower rate) on those gains so why be against it.
..because they pay nothing now that's why.
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Originally Posted by Panda-NZ-
If you do then you're doing it wrong.
If a CGT came in then presumably it would replace the tax (or be a lower rate) on those gains so why be against it.
..because they pay nothing now that's why.
Pray tell me how I am doing it wrong? How should I be doing it? If I sell a property within 5 years of purchase I pay tax on it. If I am in the business of buying and selling properties I pay tax on the profit irrespective of how long I hold them.
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Yep the Asset bubbles make the baby boomer rich richer.
There is no sense behind taxing every last cent of income (including all gains from money lent to businesses) yet leaving most of the gains from Leveraged investment housing and all the gains Owner-occupation untaxed. Residential Real estate bubbles are encouraged.
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