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Thread: 2017 NZ General Election

  1. #76
    International Coach hendrix's Avatar
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    Quote Originally Posted by Bahnz View Post
    I'm also not a fan of taxing property in circumstances were people are asset rich and income poor, and I don't see why TOP has an aversion to just creating exceptions for family homes in certain circumstances.
    Sorry, but this opinion sucks. IMO
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  2. #77
    International Coach hendrix's Avatar
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    People being asset rich and income poor is exactly when you should tax the asset that most people have sunk all of their capital into...

    Cruel to be kind.

  3. #78
    123/5 Flem274*'s Avatar
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    so basically first homes, farms and small urban businesses?

    im still a relative noob to the world of targeted taxation but i reckon people who borrow 50k off their dads to start property empires or start some other boring, freedom warrior type venture should be number one targets.
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  4. #79
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    Quote Originally Posted by hendrix View Post
    People being asset rich and income poor is exactly when you should tax the asset that most people have sunk all of their capital into...

    Cruel to be kind.
    So you think that's fair in a scenario where say, someone can't work because they're suffering from a debilitating illness, or where they're elderly and can no longer work?
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  5. #80
    International Coach hendrix's Avatar
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    Quote Originally Posted by Bahnz View Post
    So you think that's fair in a scenario where say, someone can't work because they're suffering from a debilitating illness, or where they're elderly and can no longer work?
    Yes, I do think it's fair.

  6. #81
    International Coach hendrix's Avatar
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    Quote Originally Posted by Flem274* View Post
    so basically first homes, farms and small urban businesses?

    im still a relative noob to the world of targeted taxation but i reckon people who borrow 50k off their dads to start property empires or start some other boring, freedom warrior type venture should be number one targets.
    There are many things at play but I just don't see why "personal use" of a property is any different from commercial use - by owning it you're not paying rent, for a start. So there's your value right there, whether you want to call it "commercial" or not. And if you've made a "bad" investment and you're not getting a good return, sorry, but that's on you. You're only getting taxed on profits anyway.

    And then there's other things like the arbitrary line between personal use and commercial use that's just ripe for some brilliant accountants to do their work...

  7. #82
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    Quote Originally Posted by hendrix View Post
    Yes, I do think it's fair.
    Well, agree to disagree I suppose.

  8. #83
    International Coach hendrix's Avatar
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    Quote Originally Posted by Bahnz View Post
    Well, agree to disagree I suppose.
    I mean I'm not sure what you think that a tax on profit from sale of a home is supposed to be? It's not meant to be a social welfare scheme.

  9. #84
    International Coach Bahnz's Avatar
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    Quote Originally Posted by hendrix View Post
    And if you've made a "bad" investment and you're not getting a good return, sorry, but that's on you. You're only getting taxed on profits anyway.
    My understanding of TOP's tax policy is that the tax will be raised on the entire value of the asset (akin to council rates), as opposed to a CGT, so you wouldn't just be getting taxed on any profits you make. I mean, they're proposing completely dumping income tax, so I don't see how they could replace that with a CGT scheme.
    Last edited by Bahnz; 02-08-2017 at 07:02 PM.

  10. #85
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    Quote Originally Posted by Bahnz View Post
    My understanding of TOP's tax policy is that the tax will be raised on the entire value of the asset (akin to council rates), as opposed to a CGT, so you wouldn't just be getting taxed on any profits you make. I mean, they're proposing completely dumping income tax, so I don't see how they could replace that with a CGT scheme.
    Haha yeah I gave up reading through it when they said "a CGT is so complex!!!" and then spent 2 pages trying to explain their alternative...

  11. #86
    International Coach Bahnz's Avatar
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    Yeah, and that's another thing. For a seriously radical policy shift, they're pretty vague about how it would actually work in practice.

  12. #87
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    All the more reason to hate Andrew Little for dropping Labour's CGT plan...

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    CGT on property is NZs gun control. However great it would be, it's just not gonna happen so might as well look elsewhere.
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  14. #89
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    Quote Originally Posted by wellAlbidarned View Post
    CGT on property is NZs gun control. However great it would be, it's just not gonna happen so might as well look elsewhere.
    A major party had it as a policy for a period of time.

    We have a (relatively) streamlined political system in NZ so parties can actually get **** done.

  15. #90
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    The thing is we have a pseudo-CGT, already it's just not enforced properly (and I'm not talking about the bright line test)

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