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New KIWI SAVER tax ..was it a grab?

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  • New KIWI SAVER tax ..was it a grab?

    What was really going on?

    Was it just a tax grab?

    So annoying.

    This argument that we need to standardize and treat everything the same holds no water with me.

    Surely some organizations and schemes have a class all of their own -

    because they have extra public benefits.

    I'm frankly insulted by the justification of standardization.


    Last edited by McDuck; 02-09-2022, 07:53 AM.

  • #2
    Giving a service for Kiwisaver was taxable they say.

    So, if that flew, why wouldn't they tax the fees on bank transactions?
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    • #3
      Because the banks hold the purse strings?
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      • #4
        ^^what's narking about the Kiwisaver GST - is the Government pension scheme isn't taxed and rightly so - and we were encouraged to save via Kiwisaver. As it's voluntary - who's going to trust the Gov't now and not assume GST will come in at some future date?

        So NZ Gov't needs to raise more revenue - it could follow UK's lead and create a windfall tax on industries with 'extraordinary profits' - not sure we'd have many companies qualifying - but maybe petrol cos, supermarkets, energy providers? UK's windfall tax is just on oil and gas cos.

        cheers,

        Donna






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        • #5
          Originally posted by donna View Post
          So NZ Gov't needs to raise more revenue . . .
          Perish the thought that it could reduce its costs. How many more public service employees have joined the tax-payer-paid-for payroll, since comrade commissar Cindy and co became the gummint? I dimly recall mention of figures of about 7000 at around a $4B cost.

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          • #6
            Originally posted by Perry View Post
            Perish the thought that it could reduce its costs. How many more public service employees have joined the tax-payer-paid-for payroll, since comrade commissar Cindy and co became the gummint? I dimly recall mention of figures of about 7000 at around a $4B cost.
            Ahhhhh!

            OK, I get it now!

            I'm still annoyed at the sneaky way it was done, and the poor justification,.
            Not to mention the unfathomable stupidity and arrogance of going anywhere near kiwi saver ..

            But your comments have been the key to figuring this out.

            If the government had just announced that they saw huge bank profits going offshore..

            And that they didn't print all that extra money only to have it go to Australia..

            (While all we get back is 501 crime hardened deportees in return)..

            and they were looking for ways to intercept and return that money into the NZ economy...

            then I would have been ok with it.

            The PR side of this was a disaster.

            I guess the real question was..

            Who was being taxed? The banks or the Kiwi savers?

            Because if a strong case could be shown, that the costs would not be passed on to the customers..

            Then the banks PR spin was the best bit of public manipulation since getting everyone to think flares were acceptable clothing.

            Last edited by McDuck; 03-09-2022, 06:34 AM.

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            • #7
              All that lovely Dosh$ just sitting there.
              The commie government can't wait to steal it.
              Think of all the working groups it would fund!
              The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

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              • #8
                Originally posted by PC View Post
                All that lovely Dosh$ just sitting there.
                The commie government can't wait to steal it.
                Think of all the working groups it would fund!
                While opportunism and self interest feature strongly in the play book of many political figures...
                I'm not confident that this was the case here.


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                • #9
                  So the government promote to its tax slave workers to join KiwiSaver, just so they can tax you on the management of it. Brilliant!
                  "DEBT BECOMES IRRELEVANT WITH INFLATION".

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                  • #10
                    Perhaps they were bringing this tax in discreetly so if you didn't notice, the shortfall in your retirement could lead to the ruling government in the future may squeeze another 5 or 10 years out of your tax slave I mean productive working life,
                    We do have a worker shortage because of the under lying anti immigration sentiment in NZ.

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                    • #11
                      ^^ Aussie has raised its immigration take to nearly 110K per year due to a lack of workers. What’s our Govt doing - burying their heads in the sand.

                      cheers
                      Donna
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                      • #12
                        Originally posted by donna View Post
                        ^^ Aussie has raised its immigration take to nearly 110K per year due to a lack of workers. What’s our Govt doing - burying their heads in the sand.

                        cheers
                        Donna
                        This isn't really about immigration, more the Kiwi Saver Fee GST idea.

                        Immigration can be a good thing or a bad thing, dependent on all sorts of factors.

                        To be fair to immigrants, you really need to build infrastructure to match the numbers.
                        And the long calculation may show it to be a net financial loss.

                        To be fair to the existing societal members,
                        you need to make sure that the immigrants don't cause trouble,
                        are useful.. with qualification being compatible with our systems,
                        and don't take up places at top schools,
                        distort housing markets or destroy learning institutions..
                        Who will stop teaching plumbers, just to grab a quick buck teaching English.

                        I've seen all this happen up close and in person.

                        I ask myself, how many 2 dollar shops do we need?
                        Does this improve a community?
                        Or is it a criteria meeting con by an immigrant person.

                        This is just a surface look. There are many more ideological and generational issues that arise.
                        Some so severe that even a great wads of cash will not fix.


                        Donna, are you sure you've thought this through?


                        Last edited by McDuck; 05-09-2022, 07:29 AM.

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                        • #13
                          Originally posted by donna View Post
                          ^^ Aussie has raised its immigration take to nearly 110K per year due to a lack of workers. What’s our Govt doing - burying their heads in the sand.
                          They first have to find their heads.
                          Are they looking in the right place?
                          It's dark and smelly, there.

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                          • #14
                            Reading the ACT e-newsletter . . . (always good for a laugh)

                            Originally posted by cACT
                            It was not a tax on Kiwisaver contributions or balances. The only change was applying it to Kiwisaver fund managers. Doing so might collect an additional $225 million in 2026, according to Inland Revenue.
                            And where would that $225M come from? Thin air, cACT seems to think, as it said it would make no difference to Kiwisaver contributions or balances.

                            You what?

                            NZ is all-but-lost.
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                            • #15
                              McDuck, I was responding to Jeffa’s post above mine.
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