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  1. #41
    Join Date
    Sep 2007
    Location
    Christchurch
    Posts
    1,259

    Default

    Thanks to Sam Morgan apparently admitting he pays almost no tax, NZ Herald are discussing tax more broadly than bash-the-landlords today.

    In the middle of it I found this interesting comment:

    http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10639553&pnum=2

    Richard Bucklands Beach (New Zealand) 01:08PM Tuesday, 20 Apr 2010

    I read an article the other day from a gentleman from the Property Investors Assn. Why only look to target capital gains taxes only on property investments? Especially when we dont target capital gains on shares, businesses or any other classes of investments.

    The government and most commentators suggest that Kiwi's have an unbalanced propensity towards property investment. Ever asked yourself why this might be? The reality is that over the last 60 or so years, a culture has been developed by the NZ(Aussie) banks of only lending with property security.

    Small to medium businesses or investors cant lend without property as security. Property rules! It is the most readily available leveraged investment to the public. Is it any surprise that the NZ public and the Aussie Banks like "as safe as houses" investment and securuity?
    Last edited by One; 20-04-2010 at 11:19 PM.

  2. #42
    Join Date
    Sep 2008
    Location
    Tauranga
    Posts
    1,518

    Default

    and this today. Note the last comment by English.

    IRD happy to help no-tax millionaire


    4:00 AM Wednesday Apr 21, 2010
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    Sam Morgan. Photo / Daily Post



    Trade Me founder and philanthropist Sam Morgan, who says the tax system is set up so the wealthy, such as himself, do not pay tax, is welcome to send a cheque to the Inland Revenue Department if he wishes, the Finance Minister says.
    The Wellington entrepreneur, who founded Trade Me in 1999 and sold it in 2006 to Australian publisher Fairfax for more than $700 million, said he paid basically no tax.
    "And that's not right, but what am I supposed to do?"
    Mr Morgan, 32, was estimated to have made at least $227 million from the sale of his business but did not have to pay a capital gains tax.
    As he had effectively no income, he paid minimal tax.
    The people who paid the most tax were workers, he said.
    Finance Minister Bill English said the Government would welcome a contribution from Mr Morgan if he was feeling uneasy about the tax laws.
    "He could look to just write out a cheque to IRD. They won't send it back, they'll bank it," said Mr English yesterday.
    While Mr Morgan probably did earn some income and pay some tax, the Government needed to make the system fairer so people were paying their fair share of tax, particularly if they had invested in property, he said.
    - NZPA

  3. #43
    Join Date
    May 2008
    Posts
    119

    Default

    The problem with Andrews article is that he compares advantages that renters have with the advantages of many different things, rather than a straight up comparison.

    A better article would compare for instance:

    Property investment vs Shares
    Property investment vs Companies
    Property investment vs Small Business

    It's great that many investment vehicles have some tax advantages, but cherry picking them as a comparison with property investment is misleading.

    There should also be a comparison as to what Property Investment provides the country vs whatever it is being compared with. People don't mind certain groups getting tax advantages if they feel there is a return / benefit for the country i.e. farmers.

    But as with all articles from people with a vested interest basically every fact and comparison in the article is not put into context or is half a story / misleading.
    Last edited by Perry; 21-04-2010 at 07:24 PM.

  4. #44
    Join Date
    Jan 2005
    Posts
    1,129

    Default

    We look forward to your 'better version' of the article, Contrail.

  5. #45
    Join Date
    Jun 2006
    Location
    Hutt City
    Posts
    1,305

    Default

    It's a bit of an odd stance by Sam Morgan really. Being independently wealthy, he should be aware that philanthropy is the more usual route to changing the world rather than donating to the government spending machine. This way he can personally decide on the most appropriate recipients.
    Discouraging entrepreneurs from creating and selling successful businesses impacts not only their own pocket but also all their employees. How many people are employed by Trademe, all paying tax due to the efforts of Sam and Co? OK so it's now owned by the Aussies, but that has freed up all that tax free capital to invest in new businesses generating more wealth and taxes.

  6. #46
    Join Date
    Oct 2003
    Posts
    3,578

    Default

    Quote Originally Posted by Jumpin View Post
    It's a bit of an odd stance by Sam Morgan really.
    I dont think he was complaining, or boasting, just making a statement.

    I cant remember the context but I think he was asked about his dad's 'big kahuna' plan to which he replied that it was extreme, but gave himself as an example of why it had been suggested.

  7. #47
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,770

    Default

    Can't help but restate the old axiom:
    never let the facts [full facts] get in
    the way of a good story.
    .
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  8. #48
    Join Date
    Dec 2003
    Location
    Auckland, New Zealand
    Posts
    110

    Default Let Bill English know your thoughts

    Bill English wants to know if you think taxing rental property is a good idea or not.

    You can let him know at his website http://www.billenglish.co.nz/

    All it takes is one click to select between three options.
    Andrew King,
    Too many tenants in your property? Hire a sleepout and increase the rent
    Andrew King Property Management Services - NZ Property Investors' Federation

  9. #49
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,084

    Default

    Do you support tax changes to investment property?
    Bit of an open-ended question isn't it - not even limited to 'proposed' tax changes (even though they haven't been detailed)

    So, yes, I support tax changes to investment property if the change is removing rent received from taxable income, but not if it is adding GST to rent
    DFTBA

  10. #50
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,859

    Default

    Does Stephen Joice have a website ?

    I want to ask him why they developed the northern motorway from the City to Albany into a 3 lane highway.

    But left a 100m 2 lane choke point at the end of it, to make the whole development a complete waste of time.


 

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