View Poll Results: Should there be a Capital Gains Tax on Property
- Voters
- 133. You may not vote on this poll
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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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23-02-2019, 10:19 AM
#331
All those that believe in this gov't should be cautioning their Labour MP's about introducing this CGT with caution as it would surely lose them the next election.
And to the idea that narrowing the gap between the rich and the poor with another tax is just not proper. There's no guarantee that CGT will even attain that aim.
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23-02-2019, 12:46 PM
#332
Originally Posted by RGR367
All those that believe in this gov't should be cautioning their Labour MP's about introducing this CGT with caution as it would surely lose them the next election.
And to the idea that narrowing the gap between the rich and the poor with another tax is just not proper. There's no guarantee that CGT will even attain that aim.
I don't think there is any chance of this legislation going through Parliament in 2020 as wished for by Labour and the Greens. NZF and National will vote against it. The concern is that this may well mean Labour will not have it as a policy in the next election campaign but introduce it anyway should they be able to form a Government with the Greens after NZF disappears.
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23-02-2019, 01:05 PM
#333
it will not get passed as is, I would almost guarantee that, also if not y ou ,maybe right on your second point iceman
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23-02-2019, 02:46 PM
#334
Originally Posted by iceman
I don't think there is any chance of this legislation going through Parliament in 2020 as wished for by Labour and the Greens. NZF and National will vote against it. The concern is that this may well mean Labour will not have it as a policy in the next election campaign but introduce it anyway should they be able to form a Government with the Greens after NZF disappears.
And if NZ first somehow miraculously manages to get back in there'd be nothing to stop the unpredictable Winston from going into coalition with National to block it. Of course that depends on two things: how the numbers fall and Winston still being alive.
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23-02-2019, 06:56 PM
#335
Originally Posted by RGR367
All those that believe in this gov't should be cautioning their Labour MP's about introducing this CGT with caution as it would surely lose them the next election.
And to the idea that narrowing the gap between the rich and the poor with another tax is just not proper. There's no guarantee that CGT will even attain that aim.
I would bend the ear of my local Labour MP about the marginal tax rate being suggested across the board. Capital gains appear on average over a few years or decades, and some of that gain is only inflation, so it's not real. If you earn pay in a given week and pay the PAYE tax on it, there's no inflation affecting that transaction. It might mean more maths, but to be fair inflation has to be taken into account for longer term asset holdings somehow.
But there are no excuses for other good reasons to impose a CGT in some form. Most other countries have it already, and not having a CGT means that many of our landholders are probably lazy with their assets, they're not as productive as they could be. Sometimes that's a deliberate attempt to avoid extra annual taxation on income, knowing there's a big tax-free payoff down the track. i could summarise that further but I think you'd get the drift.
You also have some spectacular business success stores like TradeMe, where the Morgans and others sold out once their trading profits would have required some whopping income tax payments, and paid no tax on the capital gain they'd achieved in a few short years. In that case, a rate close to the marginal tax rate would have been suitable to impose.
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23-02-2019, 11:06 PM
#336
Originally Posted by fungus pudding
And if NZ first somehow miraculously manages to get back in there'd be nothing to stop the unpredictable Winston from going into coalition with National to block it. Of course that depends on two things: how the numbers fall and Winston still being alive.
There's nothing stopping Winston from going into coalition with National right now.... except for the fact that currently Simon Bridges would become PM. That being the case, I'd stay put with Labour/Green too.
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23-02-2019, 11:30 PM
#337
Australia taxes capital gains at marginal tax rates. After holding for longer than 12 months the capital gain is reduced by 50%. This would cover inflation and any other variables in valuations that may otherwise create problems.
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24-02-2019, 10:45 AM
#338
Originally Posted by 777
Australia taxes capital gains at marginal tax rates. After holding for longer than 12 months the capital gain is reduced by 50%. This would cover inflation and any other variables in valuations that may otherwise create problems.
I've learned something new and it seems Australia copied the Canadian CGT model of allowing 50% of the gain only taxable. Previously Australia use to 'index rated' the gain with inflation. I suppose it was too much checking with tables and seemed more simple to apply a 50% cut factor.
All in all, if Canada and Australia have a decent working CGT model, then why would such models be considered "complicated" for NZ? I mean are NZ accountants unable to manage? Is the Australian person more capable of understanding CGT than the Kiwi? I'm sick of hearing excuses that CGT with concessions or exemptions would be too complex for NZ
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24-02-2019, 01:25 PM
#339
Originally Posted by SBQ
.... I'm sick of hearing excuses that CGT with concessions or exemptions would be too complex for NZ
I'm with you SBQ.
They pulled the same stunt with GST.
Aussie's GST model far superior to NZ's and everyone over there copes easily with the GST exemptions that, by rights, New Zealand and New Zealanders should also have.
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24-02-2019, 01:30 PM
#340
Originally Posted by SBQ
I've learned something new and it seems Australia copied the Canadian CGT model of allowing 50% of the gain only taxable. Previously Australia use to 'index rated' the gain with inflation. I suppose it was too much checking with tables and seemed more simple to apply a 50% cut factor.
All in all, if Canada and Australia have a decent working CGT model, then why would such models be considered "complicated" for NZ? I mean are NZ accountants unable to manage? Is the Australian person more capable of understanding CGT than the Kiwi? I'm sick of hearing excuses that CGT with concessions or exemptions would be too complex for NZ
My brother has lived in Australia for over 40 years.
He tells me working out his tax and CGT is a nightmare.
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