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  1. #111
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    May 2004
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    Quote Originally Posted by Rosco View Post
    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.

  2. #112
    Join Date
    Sep 2008
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    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
    have you defeated them?
    your demons

  3. #113

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

  4. #114
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,536

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    Quote Originally Posted by saleemn View Post
    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
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  5. #115
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    Sep 2008
    Posts
    7,486

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    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
    Last edited by eri; 06-04-2019 at 06:10 PM.
    have you defeated them?
    your demons

  6. #116
    Join Date
    Aug 2003
    Posts
    7,540

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    Quote Originally Posted by Rosco View Post
    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
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  7. #117
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    May 2007
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    Hamilton
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    Unfortunately I think will still come in. Likely to come in later in the year, but be backdated to 1/4/19 :-(
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  8. #118
    Join Date
    Feb 2015
    Posts
    353

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    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.

  9. #119
    Join Date
    May 2004
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    2,690

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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.


 

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