Hi Guys
Now that I have your attention, Muriel Newman, Act MP has started a column in the NZ Property Mag.
In the Feb issue she suggests that teh United Future Party MP Gordon Copeland is in favour of taxing capital gains on residential rental properties.
He says
The Treasury questions whether buildings should be depreciable. If change came about it could have serious consequences for property investors. Especially those who are particulary highly negatively geared.
Appearently according to Muriel Newman the Government is now seriously considering changes to the depreciation regime.
INCOME TAX BILL: This bill is before a select committee.
The clause CB1 states that
and since there is no exclusions for capital, this bill could be used to introduce a capital gains tax in the blink of an eye.
May be couse for some concern.
Regards
Now that I have your attention, Muriel Newman, Act MP has started a column in the NZ Property Mag.
In the Feb issue she suggests that teh United Future Party MP Gordon Copeland is in favour of taxing capital gains on residential rental properties.
He says
treating the gain in value of rental properties as income, possibly by assuming that the properties were acquired with an intent to sell.
Appearently according to Muriel Newman the Government is now seriously considering changes to the depreciation regime.
INCOME TAX BILL: This bill is before a select committee.
The clause CB1 states that
an amount that a person derives from a business is income of the person,
May be couse for some concern.
Regards
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