Capital Gains Tax

[blackcap]

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.

[Bjauck]

Inequality is not a problem. The problem in society, which is often blamed on inequality, is poverty at the lower end of the scale. Does anyone who has adequate housing, and all the material goods he wants or needs, plenty of food, clothing etc, really care that some people have a lot more?

Inequalities and widening inequalities do cause some of the problems in society. What is adequate housing today? A simple hut or relative’s garage that keeps you dry? Or a brick and tile house with independent power supply, filter systems, underfloor insulation, double glazing, central heating and air conditioning, moisture extraction two inside bathrooms, bidet, and shower, a fast fibre connection. It is so much easier for the children in households with the latest and best to stay in top condition, have access to opportunities and to have the option to take advantage of them.

[fungus pudding]

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.

[blackcap]

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.

[artemis]

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.

[fungus pudding]

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?

[artemis]

Since when did C and I become exempt?

Bright line test only applies to res, rentals mainly.

[fungus pudding]

Bright line test only applies to res, rentals mainly.

My apologies. You are quite right. Brain froze up for a moment or two. Memory banks fading also.

[Aaron]

Just an opinion piece, but relevant to the discussion. Not sure what you call it when a journalist is providing an opinion piece.

https://www.stuff.co.nz/national/pol...talk-about-why

[Bjauck]

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.