Ring Fencing Matters

[flyernzl]

Massive thank you and kudos to Kristin Sutherland of APIA for speaking so eloquently to the Finance & Expenditure committee yesterday. She has made us proud :-)

Video link at the APIA facebook page www.facebook.com/i.like.apia

[Perry]

Any chance the video can be found elsewhere than faecesbook?

[flyernzl]

Probably not, Perry, as it actually the link through to the Government site. Its their video.

[artemis]

Video from the F&E Select Committee session on ring fencing and other tax matters at the link below.
Interesting to see some SC members busily not listening to submitters. Especially the government's tax expert who IMO made some weird statements about property investment following the first submitter in the video. She doesn't have much understanding of the sector.

If interested, my oral submission is about 10 minutes in. I included some IRD data that Mike Butler gathered on numbers recording rental losses and average amounts.

Hard to hear but at the end Ms Collins asked me if we appear to be in a rental perfect storm.

ETA The data from Mike Butler, coupled with the Reserve Bank data was designed to show the government might not get the revenue it expects.

https://www.facebook.com/FESCNZ/videos/1996009367375461/

[eri]

well done

on making submission!

[Rosco]

Video from the F&E Select Committee session on ring fencing and other tax matters at the link below.
Interesting to see some SC members busily not listening to submitters. Especially the government's tax expert who IMO made some weird statements about property investment following the first submitter in the video. She doesn't have much understanding of the sector.

If interested, my oral submission is about 10 minutes in. I included some IRD data that Mike Butler gathered on numbers recording rental losses and average amounts.

Hard to hear but at the end Ms Collins asked me if we appear to be in a rental perfect storm.

ETA The data from Mike Butler, coupled with the Reserve Bank data was designed to show the government might not get the revenue it expects.


https://www.facebook.com/FESCNZ/vide...6009367375461/

Curious - Did you get the feeling the decision has already been made?

[Perry]

I have little doubt Rosco is "on to it."

The Hearing allows them to say they consulted.

Then they'll do what they planned to do, all along.

The socio-commie comic-opera coalition 'hates' residential PIs, plain and simple.

And the need to divert attention away from dill Phil's Phailed Phantasy Kiwijilt has never been greater.

[artemis]

Curious - Did you get the feeling the decision has already been made?

Yes. And of course it has already been announced with a start date of 1 April 2019. It is possible the start date may be changed as accountants raised the issue of how balance dates would be fairly treated if not 31 March.

Deborah Russell seemed fixated on why landlords would be Ok with making a loss into the far future. Even though several submitters on the day said that is not the case, usually.

Anyway the government has a majority on the F&E SC and in the House so they will do what they are told by the Captain.

[eri]

labour's selective lip service to listening

still fighting the class wars of last century

still unable to balance accounts, without biting the hand that feeds it

[saleemn]

Any update on the ring fencing? Is it applicable from 1 April 2019?

[Rosco]

Any update on the ring fencing? Is it applicable from 1 April 2019?

Ring Fencing is not in yet and is not law. It is only proposed at this stage, and it was proposed with a start date of 1/4/19.

It might not come in.
It might change around a bit.
The start date could change. There was initially some talk around bringing in over 3 or 5 years.

Time will tell!

Ross

[eri]

nothing like the incomprehensible fuzziness

of a "labour" tax grab

with all the smoke+mirrors you can see how conspiracy theorists gain traction

but sadly it seems to me our gov. are as equally confused as the electorate

which is no way to run a country

[donna]

Ring Fencing is not in yet and is not law. It is only proposed at this stage, and it was proposed with a start date of 1/4/19.

It might not come in.
It might change around a bit.
The start date could change. There was initially some talk around bringing in over 3 or 5 years.

Time will tell!

Ross

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

[Rosco]

Unfortunately I think will still come in. Likely to come in later in the year, but be backdated to 1/4/19 :-(

[Bluecoat]

I thinking its on a "pause" as they decide if they are going to go ahead with CGT. Implementing both RF and CGT would be overly complicated and expensive. CGT if comes in will render RF advantage.