Capital Gains Tax

Postby CrustyMTB on Thu 7/Jul/11 8:24pm

Bring it, taht'll sort all you slumlording over 65 bludgers!!!
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Re: Capital Gains Tax

Postby znomit on Thu 7/Jul/11 8:25pm

Unfortunately not this year.
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Re: Capital Gains Tax

Postby Wobbler on Thu 7/Jul/11 8:31pm

But people might stop buying rental properties!
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Re: Capital Gains Tax

Postby dented on Thu 7/Jul/11 8:41pm

I would love to be a slumlord. Labia has lost my vote.
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Re: Capital Gains Tax

Postby nostromo on Thu 7/Jul/11 8:49pm

Lowering property prices is a very good thing, but a capital gains tax might not be the best way to do it. Still they do it nearly everywhere else.
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Re: Capital Gains Tax

Postby northernmonkey on Thu 7/Jul/11 9:52pm

Meh, if Labour had any stones they'd be pushing for a Tobin tax or a financial transaction tax, (if they still had a gram of red in there blood they'd be pushing through land value tax... capital gains is a soft centrist cop out...
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Re: Capital Gains Tax

Postby FLATULENTFRIEND on Thu 7/Jul/11 10:17pm

:) Bring it on (now that I don't have any rental houses anymore)
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Re: Capital Gains Tax

Postby porschenut on Thu 7/Jul/11 10:23pm

CrustyMTB wrote:Bring it, taht'll sort all you slumlording over 65 bludgers!!!


...who have worked hard their whole life and paid taxes all their life and now can enjoy financial freedom because they didn't waste all their money??

As for capital gains tax, neither here nor there, it makes sense for the government, that is for sure :sly:
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Re: Capital Gains Tax

Postby happybaboon on Thu 7/Jul/11 10:40pm

Labour's got to be liking how everyone is already discussing their planned capital gains tax, even though they haven't announced a policy of introducing a capital gains tax. :eh:

It's a bit meh though. Greens have had a policy of CGT for aaages now. So Labour's plan is far from original, even in NZ. If, indeed, their plan is for CGT. I hold out hope they'll do something far more sweeping and original.
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Re: Capital Gains Tax

Postby happybaboon on Thu 7/Jul/11 10:44pm

I propose a $10/year tax per stock unit on dairy cows. That'd ruffle a few feathers.
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Re: Capital Gains Tax

Postby E Dogg Capizzle on Thu 7/Jul/11 10:50pm

happybaboon wrote:It's a bit meh though. Greens have had a policy of CGT for aaages now.


Yeah, but the Greens haven't got a chance of getting in. Oh wait. :huh:
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Re: Capital Gains Tax

Postby nostromo on Thu 7/Jul/11 10:52pm

happybaboon wrote:I propose a $10/year tax per stock unit on dairy cows. That'd ruffle a few feathers.

Theres already company tax.
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Re: Capital Gains Tax

Postby happybaboon on Thu 7/Jul/11 10:53pm

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Re: Capital Gains Tax

Postby nostromo on Thu 7/Jul/11 11:42pm

happybaboon wrote:...Which dairy farmers barely pay..
http://www.stuff.co.nz/the-press/news/5 ... ing-no-tax

As with any company not making a profit. Theres no reason to tax Dairy any differently than any other venture.
Housing affordability though is an exceptional problem, pretty much without any upsides for anyone over the medium term. Capital gains tax is just one measure that should and I think will eventually come in, the current Govt have already done some good work towards closing some factors down without the sky falling in. All the moaners are just talking a load of ridiculous bollocks as usual.
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Re: Capital Gains Tax

Postby happybaboon on Thu 7/Jul/11 11:49pm

Yeah true, because Fonterra and dairy farmers are reeeaaaally struggling :lol: I can't believe people are able to make the "most dairy farmers didn't make a profit last year!" claim with a straight face. On paper it may appear to be the case that dairy farmers aren't making huge amonuts of profit. But it's only because they a) had high costs in the form of their investment in new farm equipment like spa pools, beach houses, private school fees for their kids and ferraris or b) overreached during the boom and owe the bank a truckload of money. The ones paying little tax are generally rorting the system hard to avoid as much tax as possible.

I have no problem with dairy farming per se - when it's done clean, it's fine. When it's done with a mind to keeping animals healthy, it's fine. When they pay their fair share of tax, it's fine. Just unfortunately there's way too many cockies who fall down at one or more of those hurdles.

There's very good reasons to tax dairy farmers differently - they don't make the losses/gains like other companies. It's not as simple as money in-money out, because all the money goes through Fonterra. They also demonstrably act toward tax in a manner that is different to most other industries - they're large businesses, and yet are owned by small numbers of people (often one family). Accordingly the fringe benefits are way blurred... Such as does the really nice house that's built on the dairy farm for use by "farm staff" count as part of the dairy farm? How about the 2011 HSV used for going to meet the bank manager? So for dairy farmers who aren't playing fair with the current rules... Screw them. Introduce new, harder to avoid taxes.
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