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Type: Posts; User: Winston001

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  1. Replies
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    Mmm...I tend towards Atermis opinion. Keep it...

    Mmm...I tend towards Atermis opinion. Keep it simple. I'd be reluctant for the Trustees to take on debt or to give guarantees. Too much is out of your control and reliant upon everything going...
  2. Wondered when we'd get on to that - its a much...

    Wondered when we'd get on to that - its a much better idea but too complex to administer?
  3. Perry - think you said "why can't they admit CGT...

    Perry - think you said "why can't they admit CGT is just a tax grab?" or something similar.

    Absolutely right but Labour are saying that. Its what they mean by "broadening the tax base". All the...
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    My respect for you Richard, its a selfless and...

    My respect for you Richard, its a selfless and generous idea.

    There are a couple of important questions.

    Firstly do any of the 4 primary beneficiaries (your siblings) need their money right...
  5. And just a reality check - in the late 19th...

    And just a reality check - in the late 19th century many governments introduced reform legislation to deliberately break up the Great Estates. A few land owners up to that point held most of the...
  6. There are two levels to your comment. Firstly...

    There are two levels to your comment.

    Firstly there is the political argument as to what the community will accept. That is where CGT becomes a mess - include homes or not.

    Secondy there is...
  7. The principle is to widen the tax base. Currently...

    The principle is to widen the tax base. Currently the government raises revenue from the population's income (PAYE etc) and spending (GST). Plus a bit from fuel, alcohol, tobacco etc.

    But...
  8. The larger issue is whether a Capital Gains tax...

    The larger issue is whether a Capital Gains tax should be introduced in New Zealand. It is a complex and ultimately unanswerable question. Which means either the idea will fade away or it will be...
  9. Replies
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    148,350

    Yes Wayne I agree, fair comment. I don't recall...

    Yes Wayne I agree, fair comment. I don't recall the Opposition calling for the (Labour) Government to spend more but every Opposition does that to test the other side. As Labour have rightly done in...
  10. Replies
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    And allow me once again to express the timeless...

    And allow me once again to express the timeless rule of business - do not buy an asset at a price above the rate of return. That is nonsense. I know people do it. And I've had to hold their hands...
  11. Replies
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    148,350

    Now Perry be fair. Any competent Minister of...

    Now Perry be fair. Any competent Minister of Finance will collect as much tax as possible in order to pay the bills. We can't criticise him because that is his job. Michael Cullen was an...
  12. Replies
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    Yes but those businesses tend to be plumbers,...

    Yes but those businesses tend to be plumbers, electricians, small shop owners etc. The depreciation available to them is tiny and certainly not the difference between survival and perish.

    And...
  13. Replies
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    Yes Perry, just as various clients of mine have...

    Yes Perry, just as various clients of mine have invested in service stations, restaurants, and franchises over the years - and lost everything. Their savings, their homes, and sadly sometimes their...
  14. Replies
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    148,350

    Strictly, depreciation is a long-standing...

    Strictly, depreciation is a long-standing (accounting) legal fiction. There is a legal presumption that machinery wears out and eventually becomes worthless. The owner is allowed to set aside an...
  15. Replies
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    148,350

    You have to have some sympathy for the government...

    You have to have some sympathy for the government - any government. They expect IRD to collect tax from business income and yet, there is this identifiable group who act irrationally by buying...
  16. Just a reality check - most New Zealanders do not...

    Just a reality check - most New Zealanders do not live in Auckland. I'm sitting in a modest 80yr old gentleman's residence purchased in 1991, the value of which has doubled in 20 years. To $350k.
    ...
  17. Replies
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    The one bullet-proofish answer is to revisit the...

    The one bullet-proofish answer is to revisit the S21 Agreement every 5 (or so) years and have it updated. That would be very hard to overturn. Provided both husband and wife are completely open and...
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    Ah..lawyers. Of which I am one, albeit medically...

    Ah..lawyers. Of which I am one, albeit medically retired.

    The thing is we as a profession urge clients to have S21 agreements but most people are too enamoured with their fiancee/partner to take...
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    Hi Ahar, I'm thinking about how to best answer...

    Hi Ahar, I'm thinking about how to best answer your questions because it's a complex area. "Fisher on Matrimonial Property" probably devotes 100 pages to Section 21 (pre/post nup) Agreements which...
  20. Gore is a nice town and 40yrs ago was the...

    Gore is a nice town and 40yrs ago was the wealthiest place per capita in NZ. Times have changed however and it is a solid but not growing place these days.

    Mataura is dying. You could do very...
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    Incorrect but a common misunderstanding. For...

    Incorrect but a common misunderstanding.

    For clarity - no lawyer and no amount of words will stop a judge from opening a Section 21 Agreement in a relationship of (say) 20 years and children.
  22. Replies
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    Yes. There is no contractual relationship between...

    Yes. There is no contractual relationship between the inspector and the purchaser.

    Theoretically there is an action in tort but that would be a time consuming and difficult course.
  23. Not at all Perry. I've been wrestling with my...

    Not at all Perry. I've been wrestling with my natural inclination to set out the recent history of mortgage documents in NZ so as to provide a full answer. But maybe simple is best.

    There was a...
  24. No. The all obligations continues to be limited...

    No. The all obligations continues to be limited by a Priority Sum. But for the bank to offer an all obligations loan document they need to be prudent and secure a much larger amount. Sensible and...
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    The curious thing about Queenstown is that it is...

    The curious thing about Queenstown is that it is a south facing town surrounded by hills/mountains to the north, which is where the sun comes from. So much of the Queenstown commercial and...
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