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Thank You Andrew King

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  • Thank You Andrew King

    Andrew King retires as President of NZPIF and it's a BIG loss for property investors. PropertyTalk started nearly 20 years ago and Andrew King was one of our first members. Over the years (25) Andrew has lobbied on behalf of investors, and he was a regular in news items - standing up for Landlords and the good that we do!

    Who is going to be our voice of reason now?

    Andrew lists some of his achievements include.......
    • Stopping the WOF
    Do you remember this discussion? Here + on our blog... Property WOF - winners and losers

    However, fighting the end of interest deductibility predictions continues to be a thorn in his side.

    Andrew got it right when he said Landlords would put up rents, and Auckland University Prof. Robert Mac Colloch got it wrong. Plus there's this is a classic response from the academic!

    MacCulloch said property investment was not a business like any other and should not automatically have the benefit of deducting interest for tax purposes.

    He said most businesses produced a product or service which added value, contributed to a growth in the country's gross domestic product (GDP), and as a result incurred goods and services tax (GST), whereas the buying and selling of used houses did not.

    “It is not that unreasonable that the Government says there is a group of folks who are not contributing to GDP in the usual way but are instead buying and selling houses and speculating and living off the capital gain and maybe renting out the property in between.

    “Well that is not adding GDP to the country, aside from rental services. But many Kiwi landlords have not been in this game for the rental side of things but instead are primarily hunting for the capital gain.”
    Source

    You can see what Andrew was up against - and he said not being able to convince Govt to not end interest deductibility was his greatest regret.

    Thankfully, he has called it a day and he is now on a very long road trip with his wife - around the Americas. Thank you Andrew, and bon voyage!


    cheers,

    Donna
    For a quarter of a century, Andrew King advocated for property investors, fending off capital gains taxes three times. Now he's riding into the sunset.
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