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@Kirwan said in So we are about to get taxed up a storm!:
@canefan said in So we are about to get taxed up a storm!:
@Kirwan said in So we are about to get taxed up a storm!:
@dogmeat said in So we are about to get taxed up a storm!:
That bottom bracket should just go. It brings in FA tax in the wider scheme of things but for those that genuinely struggle it would make a difference.
I cannot fathom why successive governments have ignored this.
I'd far rather have seen cross party cooperation on CGT like there should be on Super as effectively the issues are linked. Instead it's bound to be a political football.
I hope Labour really hitch their wagon to CGT, it will cost them the next election.
Not if they up their flow of Neve pics into MSM
People are easy to distract right up until you put your hand in their pockets.
Something else for you all to clarify, CGT exempts the family home. What about when you die, is it still the family home? Or does this turn into a stealth death tax as well?
No stealth death tax proposed. There would be rollever provisions in place with things like death, seperations, business reorganisations and re-investment (depending on business size)
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@JK said in So we are about to get taxed up a storm!:
@Kirwan said in So we are about to get taxed up a storm!:
@canefan said in So we are about to get taxed up a storm!:
@Kirwan said in So we are about to get taxed up a storm!:
@dogmeat said in So we are about to get taxed up a storm!:
That bottom bracket should just go. It brings in FA tax in the wider scheme of things but for those that genuinely struggle it would make a difference.
I cannot fathom why successive governments have ignored this.
I'd far rather have seen cross party cooperation on CGT like there should be on Super as effectively the issues are linked. Instead it's bound to be a political football.
I hope Labour really hitch their wagon to CGT, it will cost them the next election.
Not if they up their flow of Neve pics into MSM
People are easy to distract right up until you put your hand in their pockets.
Something else for you all to clarify, CGT exempts the family home. What about when you die, is it still the family home? Or does this turn into a stealth death tax as well?
No stealth death tax proposed. There would be rollever provisions in place with things like death, seperations, business reorganisations and re-investment (depending on business size)
"The Group notes that the recommended
changes will have minimal impact on income
inequality. If the Government wishes to make a
significant impact, it will need to change the top
personal tax rates, which is outside the scope
of the Group’s Terms of Reference"Here it comes....
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Yeah there were some significant limits as to what they could and couldn't look in to. GST for example (which works pretty well) was off the agenda, so too moving the top tax rates.
As with pretty much anything with the current government, due to the coalition setup, old Winnie is going to be pretty key. That guys been both for and against a capital gains tax on and off over the years so will be interesting to see where he points NZ First this time.
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@JK said in So we are about to get taxed up a storm!:
Yeah there were some significant limits as to what they could and couldn't look in to. GST for example (which works pretty well) was off the agenda, so too moving the top tax rates.
As with pretty much anything with the current government, due to the coalition setup, old Winnie is going to be pretty key. That guys been both for and against a capital gains tax on and off over the years so will be interesting to see where he points NZ First this time.
Awesome. It's just great relying on Winstone fucking Peters to be the voice of reason. Hopefully he's smart enough to know where is support stands on this issue. Those 3/4% poll results should be firmly in his mind.
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I have yet to actually hear a cohesive and logical argument for CGT except as a way of broadening the tax base.
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@JK said in So we are about to get taxed up a storm!:
@pakman said in So we are about to get taxed up a storm!:
Any indication of what the rate might be? In UK CGT on shares @20%.
Its proposed that all capital gains should be taxed within the current tax system at the taxpayer’s marginal rates
So 33% right?
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@Kirwan said in So we are about to get taxed up a storm!:
@JK said in So we are about to get taxed up a storm!:
@pakman said in So we are about to get taxed up a storm!:
Any indication of what the rate might be? In UK CGT on shares @20%.
Its proposed that all capital gains should be taxed within the current tax system at the taxpayer’s marginal rates
So 33% right?
Yeah if thats your marginal tax rate (assume it would be for most who are caught under the proposed CGT)
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@Kirwan said in So we are about to get taxed up a storm!:
relying on Winstone fucking Peters
what has our world come to
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@JK said in So we are about to get taxed up a storm!:
@Kirwan said in So we are about to get taxed up a storm!:
@JK said in So we are about to get taxed up a storm!:
@pakman said in So we are about to get taxed up a storm!:
Any indication of what the rate might be? In UK CGT on shares @20%.
Its proposed that all capital gains should be taxed within the current tax system at the taxpayer’s marginal rates
So 33% right?
Yeah if thats your marginal tax rate (assume it would be for most who are caught under the proposed CGT)
Highway robbery.
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@Kirwan said in So we are about to get taxed up a storm!:
Are there any figures on how much it costs to collect the CGT? I heard some mention that it would cost almost as much to administer as it collected.
From an accountants perspective that sounds unlikely.
Given it doesn’t apply to the family home, most of the property/ shares etc will be held in some kind of company/ trust and we already calculate capital gains and losses on disposal. It’s just simply reporting that in a different way.
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@JK said in So we are about to get taxed up a storm!:
@Kirwan said in So we are about to get taxed up a storm!:
@JK said in So we are about to get taxed up a storm!:
@pakman said in So we are about to get taxed up a storm!:
Any indication of what the rate might be? In UK CGT on shares @20%.
Its proposed that all capital gains should be taxed within the current tax system at the taxpayer’s marginal rates
So 33% right?
Yeah if thats your marginal tax rate (assume it would be for most who are caught under the proposed CGT)
Much above 20% tax planning becomes worthwhile and take diminishes.
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It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
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@jegga said in So we are about to get taxed up a storm!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
We can only hope
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@jegga said in So we are about to get taxed up a storm!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
So we are about to get taxed up a storm!