hands up who voted national , ill be sitting on my hands after typing this
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Capital Gains Tax? Keep related posts in this thread, please.
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Ahem . . .
But if you bought them with the intention
that they'd be buy-and-holds, for the long-
term, but, later, circumstances changed,
(like a new job and you moving o'seas),
prompting you to sell them, then that would
be different.
.
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Originally posted by Perry View PostAhem . . .
But if you bought them with the intention
that they'd be buy-and-holds, for the long-
term, but, later, circumstances changed,
(like a new job and you moving o'seas),
prompting you to sell them, then that would
be different.
.
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Originally posted by mlkmnz View PostCheers Tough work at times, but there's a lot of misconception out there (not just on these forums) about the overall state of affairs. Often we don't like to challenge our existing views but if you delve into almost anything there is a lot more than what we view (or want to view) with our own eyes on the surface.
As a country, we're not in that bad a position, unemployment is still low by world standards and our reliance on agriculture is going to keep us afloat during these uncertain times (people always have to eat). Hell, even the Asian tigers that have been lauded so much over the years are facing some very tough times, their exports have dried up and their own governments haven't steered their domestic economies towards consumption - they are looking at some large social welfare increases in order to boost household income by getting more women into work. Some of them are facing double digit drops in GDP in the next 12 months.
Could be a lot worse here but it's a pivotal time for us to come out of it hitting the ground running, we need real economic growth in future, not one primarily relating to increasing debt and an over-reliance on PI - a ludicrous 66% of bank lending has gone into it in recent years. I realise that's pretty rich for these forums but it's a reality we're going to have to wake up to.
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Property investors face capital gains tax under Labour
DON'T VOTE FOR LABOUR: http://tvnz.co.nz/politics-news/prop...labour-4286740
Labour will introduce a capital gains tax on investment properties if it wins the election.
The policy was supposed to be under wraps until next week but ONE News tonight confirmed it....New Zealand's #1 Marketplace for Property Investors & Sellers!
FREE Access to HOT Property Deals
CLICK HERE FOR MORE INFO.
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Why would anyone vote Labour?
You forgot the bit about raising the tax rate on higher incomes.
You probably don't know any of those people Bob.
(haha)
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The article on the Herald mentioned a 15% tax take on the profit.
Does this mean traders pay an additional 15% (on top of their income tax) for flipping, or is this a tax cut for traders?
Guess we'll just have to ask the purchasers to come up with 15% extra when we sell.
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Does it mean investors get to claim losses to?
ie sell at $100k loss, and get $15k tax back?
Also why should the personal house be excluded if they are going to bring it in? What about shares in publicly listed companies? What about businesses? What about other investments?
Surely if Labour was seriously looking at capital gain tax they would need to look at capital gain tax on everything, otherwise they are just picking on property investors again.
My opinion on reason they won't put on;
- personal house, because they won't get votes
- Shares, investments etc, because it makes Kiwisaver less attractive and they love Kiwisaver
- business sales, because they have gone for the easy target, and probably don't realise that there are lots of business sales, where the goodwill is tax free too
RossBook a free chat here
Ross Barnett - Property Accountant
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THE TAX
* Would apply on the profit when a property is sold.
* Would not apply to the family home.
* Would only kick in at a relatively high threshold i.e gains above a certain level of profit.
* Would not be retrospective, i.e would not apply on properties bought before the tax was introduced.
* Could raise at least $3.8 billion a year.
"There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx
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