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Capital Gains Tax? Keep related posts in this thread, please.
One reason why indexation is recommended.
The Nats are against it, so that probably makes CGT all the more likely under Labour.
Of course, English may have indexation as one of his surprises next May, but I'm not holding my breath on that one.
NZ share market crashes often wipe out people or their savings. Some
times both. NZ property crashes usually mean only the over-borrowed
PIs suffer badly. The rest just hang in there and hang on to their (now
much lower valued) properties and bank the rent as usual.
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?
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
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?
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?
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, 09:18 PM.
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.
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.
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.
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.
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.
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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