Enforce existing laws, Register all foreign owners

Enforce existing laws, Register all foreign owners

1. If you buy a house then sell it for a profit then you must pay tax on the profit unless you can prove you lived it in for 80% of the time you owned it... Simply enforce the existing capital gain laws, the tax on the profit to be witheld as a duty until the prove of residency in the property is proven... 2. ALL home ownership is to be applied to an IRD number or numbers if joint ownership, no exceptions, all foreign owners must register with the IRD House purchase prices and sales are recorded with the IRD. That should apply to all home ownership (not just new sales) 3. Trusts similarily must register with the IRD and pay tax on capital gains like any other business 4. The extra tax collected to be used to build new homes for the low income earners to be able to "rent to buy"... Low Income earners can't save for a deposit but should be encouraged to invest in a home they can call their own by way of paying rent for a home they can call theirs after ten year of occupancy and good rent paying record... They would be entitled to apply for a mortgage on their property with a portion of their rent paid to be assigned as their deposit on the home.... 5. The tax free exemption should only apply to the family home... Bachs and Holiday homes will have to be counted as capital gain and taxed otherwise foreign owners will use this as a loophole. But the tax is only payable on sale, if kept as a family bach then tax is not paid... 6. A "Nett Worth increase" tax should only be applied to the very rich... A bill as it were for operating in this great country and becoming wealthy... Should only apply to value increases that are greater than $200K in a year and should only be a nominal figure (5-10%).

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    • James Turnbull
      commented 2016-12-12 16:52:44 +1300
      Excellent point … it’s only that, well, y’know governments like to pretend about stuff Amber … and the current pretence is that foreign investors are both ESSENTIAL for the NZ economy but own a NEGLIGIBLE %age of the property here neglible and esential seems like an oxymoron … but then we ARE talking politicians eh ???

      IF they were to do as you suggest ( enforce the laws that exist ) they surely would have a lot of egg on their faces … not to mention a whole lot fewer foreign friends I suppose!

      Agree entirely that the personal dwelling home should be entirely tax free when sold.

      Can’t see any real reason for any other exemption though …
    • James Turnbull
      tagged this with easy 2016-12-12 16:52:44 +1300
    • James Turnbull
      tagged this with important 2016-12-12 16:52:44 +1300
    • James Turnbull
      tagged this with good 2016-12-12 16:52:43 +1300
    • Amber Rowe
      published this page in How would you make New Zealand Fair Again? 2016-12-09 20:17:40 +1300