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  1. #1461

    Default

    Quote Originally Posted by Perry View Post
    would there be a CGT payout from
    the tax man?
    payout from the tax man?
    Really?
    How quaint.

    And just where does this 'tax man' get this money from?
    That wouldn't be the taxpayer would it?
    Please try to remain consistent.

  2. #1462
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,810

    Default

    Quote Originally Posted by elguapo View Post
    Why? People are comparing property investment with operating a business, why is the comparison between people who buy houses for investment to those who buy them for living in 'silly'? They are the two groups who buy houses, one has a tax advantage, one does not, is that agreed?


    If you think it's ok to compare an IP and a PPOR, do you think it's also fair to compare a commercial fisherman and a recreational one.....after all the commercial fisherman can claim the cost of his boat and fuel etc.....why can't I when I go out fishing?????......that bad old commercial fisherman has a tax advantage over me.....it's not fair.


    oh.....wait a sec....silly old myself.....it must be that one generates assessable income and can thus deduct expenses and the other doesn't

    Can't believe you're not trolling.

    Cheers
    Spaceman
    Delightfully in need of some Tender Loving Care
    Blessed are those who can give without remembering and take without forgetting
    Some things are not as they seem, nor are they otherwise

  3. #1463
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,016

    Default Very Strange

    Quote Originally Posted by Perry View Post
    Which gets back to a question asked several times already: if there
    was a CGT and there was a property slump and a PI sold off some
    stock at below purchase price, would there be a CGT payout from
    the tax man?

    Quote Originally Posted by speights boy View Post
    payout from the tax man?
    Really?
    How quaint.

    And just where does this 'tax man' get this money from?
    That wouldn't be the taxpayer would it?
    Please try to remain consistent.
    You been having a little tipple tonight?

    Who is the CGT going to be paid to if not the tax man, SB?
    Sometimes I get a GST refund; sometimes I pay GST. Guess
    what? It involves the tax man, coming or going. Why would
    CGT be any different?
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  4. #1464

    Default

    Quote Originally Posted by Perry View Post
    NZ share market crashes often wipe out people or their savings. Some
    times both.
    Define 'often' in this context.
    The rest just hang in there and hang on to their (now
    much lower valued) properties and bank the rent as usual.
    And the difference to:
    The rest just hang in there and hang on to their (now much lower valued) shares and bank the dividends as usual.
    Is....?
    Last edited by speights boy; 13-10-2013 at 09:05 PM.

  5. #1465

    Default

    Ahh the hypocrisy.
    So many times we have been lectured "It's not the gummits money!!...it's the taxpayers"
    "It's not WINZ money, it's the taxpayers"
    Ahh: when it is you and CGT it's suddenly from the 'tax man'

    Fear not, I'm used to it.
    Everything is a strawman when it doesn't suit your argument.
    Your CGT payout isn't funded from taxpayers.....yep ...I get it now.
    Last edited by speights boy; 13-10-2013 at 09:18 PM.

  6. #1466
    Join Date
    Jun 2013
    Posts
    2,137

    Default

    Quote Originally Posted by Perry View Post
    NZ share market crashes often wipe out people or their savings. Some
    times both
    No it doesn't. It's 'crashed' once in the last 50 years and that would not have wiped out anyone with an even moderately diversified share holding. Compare that to investors with Christchurch real estate, or who bought leasehold property.


    Quote Originally Posted by Perry View Post
    Which gets back to a question asked several times already: if there
    was a CGT and there was a property slump and a PI sold off some
    stock at below purchase price, would there be a CGT payout from
    the tax man?
    Not a payout, but most CGT systems allow you to carry losses forward.

  7. #1467
    Join Date
    Jun 2013
    Posts
    2,137

    Default

    Quote Originally Posted by spaceman View Post
    If you think it's ok to compare an IP and a PPOR, do you think it's also fair to compare a commercial fisherman and a recreational one.....after all the commercial fisherman can claim the cost of his boat and fuel etc.....why can't I when I go out fishing?????......that bad old commercial fisherman has a tax advantage over me.....it's not fair.

    The comparison was being made between investment property and purchasing plant and machinery on the grounds both are business costs. If you can make that comparison, any comparison is valid.

  8. #1468
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,016

    Default

    You don't recall the crash of '87 and a lot
    of high profile people who went broke?
    A lot of others lost a lot of money, too.
    An NZX 60% decline in value in a week
    or so, wasn't it?

    Retired Wellington stockbroker Alfie des Tombe does not think about the old days much,
    nor that fateful day when the New Zealand sharemarket followed New York's Dow Jones
    and the rest of the world, starting a slide that lasted four years and wiped three-quarters
    off the value of the market, bringing 200 companies down with it.
    When a listed company crashes and
    burns, there are only share certificates
    to frame and hang on the wall.

    Into the valley of debt rode how many
    who had shares in the torpedoed 200?

    Often means the occurrence of what's
    described above. A lucky some escape.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  9. #1469
    Join Date
    Jun 2013
    Posts
    2,137

    Default

    Quote Originally Posted by Perry View Post
    Who is the CGT going to be paid to if not the tax man, SB?
    Sometimes I get a GST refund; sometimes I pay GST. Guess
    what? It involves the tax man, coming or going. Why would
    CGT be any different?

    Because GST, in a business registered for GST, isn't a tax you pay, it's a tax your the collection agent for.

  10. #1470
    Join Date
    Jun 2013
    Posts
    2,137

    Default

    Quote Originally Posted by Perry View Post
    You don't recall the crash of '87 and a lot
    of high profile people who went broke?
    A lot of others lost a lot of money, too.
    An NZX 60% decline in value in a week
    or so, wasn't it?
    So one crash in, what, the last 60 years is often?


 

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