they sell individual units therefore based on assumptions in the tax paper ... would mean valuation method each yr or once the person dies the unit is then sold to another person so a gain or loss may be made on sale for benefit of village operator.
I don't think you understand the retirement village model. No operator I am aware of is selling their units. If they would they could not control whats happening with the unit after the departure of the current occupants. As percy rightly stated - the only thing they are selling is a "right to occupy". Basically a lease for life. If this lease expires, they obviously are allowed to lease out the unit again they always owned ... no capital gains realised.
Last edited by BlackPeter; 31-01-2019 at 10:00 AM.
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"Prediction is very difficult, especially about the future" (Niels Bohr)
You really need to start doing your homework on all things about this sector bull, your just fearmongering with every half truth tabloid article you can find.PS-Unit title equals CGT, Licence to occupy does not.
You really need to start doing your homework on all things about this sector bull, your just fearmongering with every half truth tabloid article you can find.PS-Unit title equals CGT, Licence to occupy does not.
your missing the point licence to occupy will be covered by a cgt which is proposed to be comprehensive. only the family home is except.
given it is not in law yet but another risk for the sector to be aware off
your missing the point licence to occupy will be covered by a cgt which is proposed to be comprehensive. only the family home is except
Do you have a reference or did you just make this up yourself? As indicated earlier - licence to occupy is basically a one off lease or rent payment for life. Are you saying Labour intends as well to put a CGT on rent payments?
Makes no sense at all ...
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"Prediction is very difficult, especially about the future" (Niels Bohr)
Do you have a reference or did you just make this up yourself? As indicated earlier - licence to occupy is basically a one off lease or rent payment for life. Are you saying Labour intends as well to put a CGT on rent payments?
Makes no sense at all ...
i know someone who is accountant they recently did a webinar on tax treatment of leases during the webinar it was advised that ird are currntly looking into the treatment of leases in regard to tax
this may be included in the cgt or be a seperate tax change
You really need to start doing your homework on all things about this sector bull, your just fearmongering with every half truth tabloid article you can find.PS-Unit title equals CGT, Licence to occupy does not.
Correct. Licence to occupy is covered under the financial arrangements section of the income tax act.
Some of the B.S. being spieled out by the resident bear is seriously misinformed and grossly inaccurate.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Correct. Licence to occupy is covered under the financial arrangements section of the income tax act.
Some of the B.S. being spieled out by the resident bear is seriously misinformed and grossly inaccurate.
guess none of you understand how things get reclassified or redetermind in regard to tax. as i said ird is looking into this
i know someone who is accountant they recently did a webinar on tax treatment of leases during the webinar it was advised that ird are currntly looking into the treatment of leases in regard to tax
this may be included in the cgt or be a seperate tax change
Yeah right ... you started with claiming CGT will bite the retirement sector and now it is a mysterious new tax somebody you claim to know might have heard about in a webinar provided by whom?
If you stand in a hole, you better stop digging.
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"Prediction is very difficult, especially about the future" (Niels Bohr)
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Originally Posted by percy
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