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Poll: How would ring-fencing of residential rentals affect you?

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  1. #871
    Join Date
    May 2004
    Posts
    2,758

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    Quote Originally Posted by donna View Post
    So it's definitely not in - that's interesting Ross more so as there was a lot of commentary on it being a done deal and applying from 1 April 19.

    Can it pass into law and be back dated - i.e. bought in some time in this financial year to apply from this financial year onwards?

    cheers,

    Donna
    The Bill is in the Select Committee stage so we will have to see what the SC reports back to the House. The Bill contains other proposed legislation as well, notably payment of GST by overseas suppliers. Yes, can be backdated.

    If ring-fencing of losses is passed the government will get a bump in revenue first few years but that will ease off in time as properties and portfolios break even and use up losses carried forward. The break even point will be delayed or brought forward if for example interest rates rise / fall and if landlords do more / less upgrading. And overall tax revenue from the policy will rise fall if the rental pool increases / decreases.

    Landlords can't do much about interest rates, but otherwise they can and will make decisions that make sense to them.

  2. #872
    Join Date
    May 2004
    Posts
    2,758

    Default

    The Bill that includes ring-fencing of rental losses is in third reading. To illustrate how little some MPs understand this section of the Bill and its implications, yet seem completely confident in voting on the Bill, the following is from Hansard yesterday -

    KIRITAPU ALLAN (Labour):

    Now, I listen to the Opposition, and they've been going on about how we don't, on this side of the House, understand the difference between speculators and mum and dad investors. Well, what we do understand is that there has been an immeasurable crisis in our housing terrain. I want to reference, in my neck of the woods, a small town up in rural New Zealand—a little town called Ōpōtiki. Now, up there we have—and it's well known in the community—particular people up in that community that are accruing and accumulating abundant, enormous amounts of housing stock. Much of those houses, they go untenanted. They are very poor quality, they go untenanted, they can ring-fence losses, and I'm talking not just in the tens or the 20s but far more than that, up into the 50s, I understand.

    Now, what we're trying to do here is introduce a tax system that is fair. What we're trying to do here is say, actually, the taxpayers shouldn't bear the burden of enabling some of those people that have sought to rely on, basically, a taxpayer's tax cut for those that do want to speculate, that do want to ring-fence their losses.


    It would be humorous if it wasn't so sad a reflection on our lawmakers.

  3. #873
    Join Date
    Aug 2003
    Posts
    7,609

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    That's mental but it could be a blessing if there are more of these no hopers voting.
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  4. #874
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    2,999

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    Somehow there seems to be a strong belief that having a tax loss makes you money!

  5. #875
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,757

    Default

    But the gummint's concerned about its tax losses - no one else's.
    With all the Draconian new laws for residential rental LLs, perhaps AirBnB would be better? To avoid any hassle in Hawke's Bay, consult Be My Hostess. Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  6. #876

    Default

    Quote Originally Posted by artemis View Post
    The Bill that includes ring-fencing of rental losses is in third reading. To illustrate how little some MPs understand this section of the Bill and its implications, yet seem completely confident in voting on the Bill, the following is from Hansard yesterday -

    KIRITAPU ALLAN (Labour):

    Now, I listen to the Opposition, and they've been going on about how we don't, on this side of the House, understand the difference between speculators and mum and dad investors. Well, what we do understand is that there has been an immeasurable crisis in our housing terrain. I want to reference, in my neck of the woods, a small town up in rural New Zealand—a little town called Ōpōtiki. Now, up there we have—and it's well known in the community—particular people up in that community that are accruing and accumulating abundant, enormous amounts of housing stock. Much of those houses, they go untenanted. They are very poor quality, they go untenanted, they can ring-fence losses, and I'm talking not just in the tens or the 20s but far more than that, up into the 50s, I understand.

    Now, what we're trying to do here is introduce a tax system that is fair. What we're trying to do here is say, actually, the taxpayers shouldn't bear the burden of enabling some of those people that have sought to rely on, basically, a taxpayer's tax cut for those that do want to speculate, that do want to ring-fence their losses.


    It would be humorous if it wasn't so sad a reflection on our lawmakers.

    What do you think this bloke did for a living before he became a politician?

    What dismays me the most about our political system is that any fool can run for a seat in local or central government. Often they're the types we've all see at work who think they're far better at the job than others when in reality they're in the bottom 3rd.

    On one hand I have to say... well i wouldn't want to do the job but on the other hand I can't be bothered listening to fools who you wouldn't hire to run a dairy

  7. #877

    Default

    10 second google search... our friends at wikipedia

    Allan was born in Te Karaka,[3] of Ngāti Ranginui, Ngāti Tūwharetoa descent. She is part of a family of 10 children.[4]
    She dropped out of high school at 16. She worked at KFC in West Auckland and as a cherry picker.[5]
    She studied law and politics at Victoria University of Wellington.[6] During her university studies she worked in an internship with then-Prime Minister Helen Clark.[1]


    - didn't mention how well she went at studing law... sounds like a few concepts might have gone over the head but went to a few lectures

  8. #878
    Join Date
    Oct 2015
    Location
    Rotorua
    Posts
    476

    Default

    Quote Originally Posted by Don't believe the Hype View Post
    10 second google search... our friends at wikipedia

    Allan was born in Te Karaka,[3] of Ngāti Ranginui, Ngāti Tūwharetoa descent. She is part of a family of 10 children.[4]
    She dropped out of high school at 16. She worked at KFC in West Auckland and as a cherry picker.[5]
    She studied law and politics at Victoria University of Wellington.[6] During her university studies she worked in an internship with then-Prime Minister Helen Clark.[1]


    - didn't mention how well she went at studing law... sounds like a few concepts might have gone over the head but went to a few lectures
    Part-time fish-n-chips shop attendant is hiring KFC burger flippers. Sound about right to me...

  9. #879
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    2,999

    Default

    Lawyer = arrogance and ignorance.

  10. #880
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,581

    Default

    I think there should be guidelines for our politicians

    Prime Minister - should have guidelines about leadership and high level roles similar to a CEO of a large company.

    MP's - At least something! Maybe completed 7th form (or whatever it is called now), worked in a small to medium sized business in NZ after they are 19 for at least a year, have life and work experience outside of unions and politics.

    Unfortunately most people aren't interested in politics, so the political parties are full of no hopers. And then suddenly they are running the country :-(

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.


 

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