Originally posted by Wayne
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Capital Gains Tax? Keep related posts in this thread, please.
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Originally posted by artemis View PostPeople don't seem quite so happy with Xero at the moment. I am though. The company announced a plan. They are tracking to the plan. That is what matters. Same with property investors.You can find me at: Energise Web Design
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Who was it who recommended buying Xero shares? It was Weekend at Bernies of course!!!
He sold his house in Auckland and moved to Wellington, hope he didn't put the money into Xero, it's gone from $45 per share to $16 this year.
And still overvalued in my opinion.Squadly dinky do!
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Originally posted by Davo36 View PostAnd still overvalued in my opinion.
It does get undue attention in NZ simply because buying a US tech stock such as Google or suchlike attracts a significant capital tax.
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Excuse my naive question - if you buy overseas stocks, like Google or what ever - how do you get paid the dividend? Does the company send a cheque to every single stock holder around the globe? They may not even know who the holders are! I always wondered how this works...
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Originally posted by Curious View PostExcuse my naive question - if you buy overseas stocks, like Google or what ever - how do you get paid the dividend? Does the company send a cheque to every single stock holder around the globe? They may not even know who the holders are! I always wondered how this works...
They know who every shareholder it - by name, address etc.
How could they not know?
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Reserve Bank Call To Look At Untaxed Property Gains
15 April 2015
The Reserve Bank is calling for the Government to look at untaxed
capital gains on property. It would like to see "fresh consideration"
of possible policy measures to address the tax-preferred status of
housing, especially housing investment, Reserve Bank Deputy Governor
Grant Spencer said in a speech about housing at the Rotorua Chamber of
Commerce. "Investors are often setting the marginal market prices that
are then applied to the full housing stock within a regional market," he said.
Spencer's call to look at tax on property has been quickly backed by
the Manufacturers and Exporters Association and the Green Party.
Latest Real Estate Institute figures out on Tuesday show that the
median house price in Auckland was up 13 per cent in the past year to
$720,000. The national median house price rose 8 per cent in the past
year. "Indicators point to an increasing presence of investors in the
Auckland market and this trend is no doubt being reinforced by the
expectation of high rates of return based on untaxed capital gains,"
Spencer said.
alive and well at the RBNZ.
Time for the heads-in-clouds RBNZ people to check with the IRD.
One earlier post
Inland Revenue says it is a myth that investments in housing have a tax advantage over other types of investment.
Revenue Minister Peter Dunne and IRD officials appeared before the finance select committee today and were quizzed about why people had the impression that there was some tax advantage in investments in rental housing.
Deputy Commissioner Robin Oliver was blunt: “The short answer: there is none.”
Rental property does not have a tax advantage over other investments or businesses. This was clearly confirmed in 2007 by Deputy Commissioner of Inland Revenue, Robin Oliver, when asked by a government select committee if there was some tax advantage for investments in rental housing. "The short answer is there is none" was Mr Oliver’s reply. “Rules about expenses for deducting costs such as interest, upkeep and maintenance, as well as paying tax on income are the same for investments in shares or anything else. In fact under the housing case, the capital gains boundary is brought back a bit. There are tighter rules regarding what is a capital gain."
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CGT it won't work
If Capital gains Tax was a suitable measure in which to control house prices then why is it that country's which have it, it makes no difference?
Sydney house prices are high so are New York, London etc etc It's called population drive. People want to live there!
If you want to control house prices make the cost of developing a site less, do away with building monopolies (Winstone) and bring in a good incentive to buy new.
Bring in tax breaks to new business in rural towns.
That's it problem solved!
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Try This One On For Size
From: http://www.youtube.com/watch?v=n-zESacteu4
I might put this is the Councils Holding the Country to Ransom thread, too.
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Wrong Time' For A Capital Gains Tax
17 April 2015
Originally posted by StuffA capital gains tax on property is not likely and it would be exactly
the wrong time to bring one in, a leading bank economist says. Reserve
Bank deputy governor Grant Spencer on Wednesday called for "fresh
consideration" on the tax preferred status of housing. That was seen
as a call for the government to bring in a capital gains tax to cool
down an "overly stretched" Auckland housing market. But Bank of New
Zealand chief economist Tony Alexander said the high level call from
the Reserve Bank for a capital gains tax on property would not happen
in the next few years.
The National government opposed the idea of a CGT going into the last
election and is more concerned about the underlying cause of rapidly
rising house prices- a supply shortage that goes back many years.
Labour also appeared to be backtracking on the idea of a CGT. It was
also "exactly the wrong point in the housing cycle" to bring in a CGT,
Alexander said. "The time to introduce a CGT is when the market has
been stable for some time or is at the bottom of the cycle, not where
it is now," Alexander said. He also pointed out that there were
capital gains taxes in many places overseas including in Australia and
that was not stopping sharp rises in Sydney house prices.
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