Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


SME owners negative on capital gains tax, says MYOB survey

SME owners negative on capital gains tax, says MYOB survey

By Pattrick Smellie

Sept. 5 (BusinessDesk) - Some 60 percent of small and medium-sized business owners are negative about the Labour Party's capital gains tax, says a poll taken for the accounting software firm MYOB, with 60 percent saying it was their "most unpopular" policy relating to the sector.

Representing 97 percent of the country's businesses and employing 30 percent of the workforce, SME owners on balance want tighter controls of foreign investment, with 54 percent nominating as a top policy they would support, according to the poll of 1,000 SME owners by pollsters Colmar Brunton.

Reduced broadband prices topped the "two three policies" list for SME's, followed by two-thirds (67 percent) support for simplified provisional tax rules.

Following the capital gains tax on "three most unpopular policies" list were raising the age of entitlement for the state-funded universal pension to 67 years, with 43 percent opposing that, while 39 percent opposed opposition parties' policies to scrap the 90-day trial period for employment regime, which the government claims has assisted job creation.

Labour has taken hits on its capital gains tax idea, with fumbling over details of the tax also revealing that an inherited family home will be subject to the tax, after a "grace period", which Labour leader David Cunliffe said on radio this week would be one month from the date of death, which was later amended to being the subject of expert advice on implementation after the election.

However, the issue failed to fire at a MYOB electoral candidates' forum, where the National, Labour, Green, Internet-Mana, Act and Conservative parties were represented, with New Zealand First unrepresented.

Labour's SME spokesman Trevor Mallard was asked one question about the impact of the capital gains tax where a business owner was using their personal home as security for lending.

"I'm not sure the capital gains tax system would cause any difference at that point," he said. "That happens at the point of releasing assets."

Mallard said businesspeople should accept the inevitability of a capital gains tax at some time in the future.

"It's a major gap in our system," said Mallard.

The clear winner of the quick fire opportunity was the Green Party's James Shaw, who self-deprecatingly thanked Wellington for having twice as much confidence in the Greens' capacity to run the economy as the rest of the country "at a whopping 4 percent", although that was only because the Greens had yet to be part of a government.

"You haven't experienced how awesome we are at it," said Shaw, who supported ending the 90-day trial period for new employees, arguing that high-earning management consultants such as he could bargain effectively but it was "high-risk for the bottom-end of the spectrum."

There was broad agreement among the candidates that New Zealand needs urgently both to train more and allow more immigration for skilled information technology workers because of the current serious shortage of skilled people for available work.

Things became briefly dramatic when Mallard and Conservatives leader Colin Craig jostled one another as they attempted to answer one question.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news