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think again?
I would like to see TOP make 5% however it seems unlikely with a start like this.... thankfully you there is time for reflection and a rethink. The change promoted would be a step to far and too much of an adjustment; yes even to talk about. NZers have difficulty with the idea of a capital gain tax (even excluding the family home). With this policy I fear that TOP can sound the death knell before it even begins... the family home is sacred. To make a difference TOP must first make it to the table... Exclude the family home. I would like to read some example on how this applies to other asset types other than land and buildings.
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James Turnbull tagged this with easy 2016-12-09 02:29:41 +1300 -
James Turnbull tagged this with important 2016-12-09 02:29:41 +1300
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James Turnbull tagged this with good 2016-12-09 02:29:40 +1300
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James Turnbull commented 2016-12-09 02:29:05 +1300My understanding ( from reading other posts / threads elsewhere here ) is that financial investments would be exempt as tax is already deducted at source … that might work for some mutual funds and savings accounts certainly have interest deducted at source ( Notably IRD do not PAY any ‘use of money fee’ to taxpayers who then have to claim a rebate (if they know to do so) I agree entirely that this is NOT a " New Zealand Compatible " not to mention the horrendous cost od setting it up and ensuring compliance.
Would you be interested in thread by Andrew O Donnell (if you’ve not seen that already ) it’s titled
" A simple % transactional tax that can’t be avoided or claimed back" -
Michael Cordell published this page in How would you make New Zealand Fair Again? 2016-12-08 22:53:25 +1300