If National wins ...

[westerly]

I don't think so. Those are the types of things Labour Party uses to generate funds from unnamed benefactors - so must be productive wealth: https://www.stuff.co.nz/national/politics/95891686

And of course National is way out in front in dollar terms. https://www.stuff.co.nz/national/pol...given-secretly

westerly

[minimoke]

And of course National is way out in front in dollar terms. https://www.stuff.co.nz/national/pol...given-secretly

westerly

Isnt it wonderful that some of Nationals supporters seem more than happy to redistribute their wealth on a voluntary basis. Labour supporters not so keen - perhaps if they got to keep more of their own money they would be keener???????

[blackcap]

Isnt it wonderful that some of Nationals supporters seem more than happy to redistribute their wealth on a voluntary basis. Labour supporters not so keen - perhaps if they got to keep more of their own money they would be keener???????

Great to see you are back MM and a positive version too, really enjoying the new you

[artemis]

I don't think so. Those are the types of things Labour Party uses to generate funds from unnamed benefactors - so must be productive wealth

Except two were named. And one was not too happy about it. Perhaps IRD came calling. Just as well they weren't Picassos.

[minimoke]

Except two were named. And one was not too happy about it. Perhaps IRD came calling. Just as well they weren't Picassos.

It is reported here that Labour is legally white washing or money laundering donations: https://www.stuff.co.nz/national/politics/95891686

It seems the person who was unhappy was unhappy because he gave his art for free but when a donor paid an inflated price the artist was named as the Donor.

It appears to work like this.

- an artist donates a work that might be valued at say $2,400 - based on previous sales.
- art work sells for $14,999. Artists name and purchasers name stays secret. It doesn't go on Labour Annual return
- artwork sells for $29,999. Artists name appears in Labours Annual return but purchasers name stays secret.
- Artwork sells for $30,000. Artist names is given to Electoral Commission as a donor. Purchasers name stays secret and has an artwork worth $2,400. Labour are $30,000 richer and the artist gets nothing.

Good on Labour for supporting artists. It was after all Judith Tizard who introduced Pathways to Arts and Cultural Employment (PACE) scheme which was essentially the dole for art back in 2001.

[elZorro]

What is this thing "unproductive wealth" you talk of?

Most farms, most properties. They rarely derive a taxable income of 10% of the capital invested each year, for example. They are held for the tax-free capital gain mostly.

[fungus pudding]

Most farms, most properties. They rarely derive a taxable income of 10% of the capital invested each year, for example. They are held for the tax-free capital gain mostly.

It certainly seems unfair that property traders pay so much tax while private homeowners get off scot free.

[elZorro]

eZ is clueless. Of course tax advice is sensible and necessary for many people and enterprises. Tax can be complex and that is why accountants are required to give tax advice. I doubt that any ever deliberately advise anything illegal.

Spoken like a true right-winger FP - I'm clueless, and tax accountants are fundamentally great people giving great service. I bet there are hardly any tax accountants who vote for progressive parties. They are the wedge striving to produce more inequality, more like.

[elZorro]

It certainly seems unfair that property traders pay so much tax while private homeowners get off scot free.

Hardly anyone trades property within the 2 year timeline, they evade that area. And property traders also get to claim back the bank interest as a cost, plus any other expenses. Private homeowners do not. You know that, why try to be clever about it? We're not fooled.

[Investor]

Cripes, I didn't mean to offend anyone Blackcap. Least of all a tax accountant! Hope you didn't write reports for clients. I guess you'd know all about things like tax losses held in company shells, and where a high flyer might go to find a tax haven. I hear it's all the rage these days.

I asked a tax advising firm where to access a tax haven, the written reply was to go to a tax accountant. That's all I know about the situation personally. Thanks to John Key, we all know they're in nondescript offices in major cities, there for those who are informed and ruthless enough to ask about them.

Don't bring up that old National chestnut about low income earners getting more in benefits than the tax they pay. You mean income tax there, don't you? Please remember to add back in GST and levies on fuel, power etc. The hoi polloi, due to their sheer size, still pay a substantial amount into the crown coffers.

I'm sure the tax advising firm was just pointing you towards the direction where the relevant party (tax accountant) can tell you you're dreaming.