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  1. #1
    Join Date
    Apr 2012
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    178

    Default TV programme to get taxed on profits

    TV programme "Our first Home" will get taxed on profits. About time! These programmes just encourage tax free profits and people think there's no consequence.

    http://www.nzherald.co.nz/nz/news/ar...ectid=11400475

  2. #2
    Join Date
    Jul 2011
    Location
    Tauranga
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    2,769

    Default

    Who said they didn't pay tax?

    I wonder why the "tax expert" didn't want to be named?

  3. #3
    Join Date
    Mar 2008
    Posts
    103

    Default

    Are any of the contestants builders or in building related trades ?

    They may wanna read this then.

    http://www.ird.govt.nz/property/prop...es-assoc-pers/

    Im surprised the tax expert did not highlight the above - automatically its taxable.

    Taxman should also get them on the amount lent to them by the parents - maybe gift duty.

    If i was a rich man, i cant just give my kids 2 million and not expect any tax to pay.

    Thinking about it i hope the tax dogs bite on this one - it would be free advertising about how it isnt
    such a free lunch - if your a New Zealand resident that is.....
    Last edited by TheFlash; 12-02-2015 at 10:01 AM.

  4. #4
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,776

    Default

    Quote Originally Posted by TheFlash View Post
    Are any of the contestants builders or in building related trades ?

    They may wanna read this then.

    http://www.ird.govt.nz/property/prop...es-assoc-pers/

    Im surprised the tax expert did not highlight the above - automatically its taxable.
    May is an awfully big word, as in ....... you may be subject to special tax rules.......... it doesn't mean it's automatic at all

    Taxman should also get them on the amount lent to them by the parents - maybe gift duty.
    Gift duty has been abolished in NZ....it was a WOFTAM ....even the politicians could see that.

    If i was a rich man, i cant just give my kids 2 million and not expect any tax to pay.
    why the hell not...it's my money if I want to give it to somebody why should there be tax to pay......a poor man can give $2,000 to somebody without paying tax why should the amount matter???

    Thinking about it i hope the tax dogs bite on this one - it would be free advertising about how it isnt
    such a free lunch - if your a New Zealand resident that is.....
    They should pay the minimum tax they legally can and not a cent more......same as everybody.

    Cheers
    Spaceman
    Delightfully in need of some Tender Loving Care
    Blessed are those who can give without remembering and take without forgetting
    Some things are not as they seem, nor are they otherwise

  5. #5
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,776

    Default

    Quote Originally Posted by RHarris View Post
    TV programme "Our first Home" will get taxed on profits. About time! These programmes just encourage tax free profits and people think there's no consequence.

    http://www.nzherald.co.nz/nz/news/ar...ectid=11400475
    Another with poor reading comprehension ....."may" doesn't mean "will"

    Television contestants may have to fork out part of profits to Inland Revenue


    Tax rules
    • Profit on sale of a house is taxable income if it was bought with the intention of selling
    • Exemption: if it is the legal owners' residence
    .......seems a pretty simple 'out' to me
    • Exemption lost if the owners have a pattern of buying and selling houses .....if it's the kids first house and they're the owners logic would say that there isn't much of a pattern of buying & selling....or is that just me???

    Cheers
    Spaceman
    Last edited by spaceman; 12-02-2015 at 11:33 AM.
    Delightfully in need of some Tender Loving Care
    Blessed are those who can give without remembering and take without forgetting
    Some things are not as they seem, nor are they otherwise

  6. #6
    Join Date
    Mar 2008
    Posts
    103

    Default

    As you said, Im wrong about gift duty.

    Are any of them builders by trade - that to me is what perhaps is being overlooked by the tax expert ?

    The advantage the Ird have is usually its you that have to prove innocence - rather than them proving your guilty which is often harder to do so the word "may" is no good without enforcement.

    (i always loved your posts on taxation spaceman )

    My thing is the show seems to be promoted as "a quick paint and flick play book".


    The whole reason these families cant afford to purchase a house in the first place is due to the very speculative activities others before them have partaking in - and perhaps avoid paying the same tax and for the same reasons.

    I guess its another form of the broken window theory - are they the heroes or villains

    http://en.wikipedia.org/wiki/Parable..._broken_window

    i dunno
    Last edited by TheFlash; 12-02-2015 at 12:13 PM.

  7. #7
    Join Date
    Jul 2011
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    Tauranga
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    Default

    Article made it seem like these people don't own the houses they are working on.

  8. #8
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,776

    Default

    ^^ My overriding feeling on Tax is that I can spend the money better than the govt......so I want to give them as little as possible.....LEGALLY!!!!!!!!!!!

    There are heaps of things you can do to reduce your tax burden.......if the contestants in the show did the right things at the right time they will be able to pay less tax than if they didn't.......what those specific things are will be different and two couples could do the same things and end up with quite different amounts of tax to pay.

    I do have a bit of an issue with people saying things are "atuomatic" or "will" when the IRD themselves quite clearly state "MAY" .....learn to read people

    Cheers
    Spaceman
    Delightfully in need of some Tender Loving Care
    Blessed are those who can give without remembering and take without forgetting
    Some things are not as they seem, nor are they otherwise

  9. #9
    Join Date
    Jul 2011
    Location
    Tauranga
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    Default

    Quote Originally Posted by TheFlash View Post

    Are any of them builders by trade - that to me is what changes the equation ?
    I would guess not because what good is someone who knows what they are doing to reality TV?

  10. #10
    Join Date
    Mar 2008
    Posts
    103

    Default

    According to the below article, at least one is a builder.

    http://www.stuff.co.nz/entertainment...ds-into-houses


 

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