Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Capital gains tax on property not on agenda Cullen

Media Statement 21 July 2000

Capital gains tax on property not on agenda Cullen

Revenue Minister Michael Cullen today explicitly ruled out any intention by the Government to introduce a capital gains tax on real property transactions.

Dr Cullen was responding to an incorrect media report from a meeting in Christchurch yesterday which stated that he had "hinted" at the possibility of introducing such a tax to better encourage investment in the productive sector.

"The reporter entirely misinterpreted the point I was making, and got it upside down.

"I was explaining that the current tax treatment of private superannuation schemes, the TTE system, effectively imposes a capital gains tax on the earnings in pension funds.

"I have already made clear that I believe this is a problem and support the shift to a TET system. This would exempt earnings from superannuation scheme investments from tax and would instead tax the pay-outs from those schemes.

"Such a change would introduce a more level playing field between superannuation and property investments, and would increase the incentives for retirement savings.

"The Government has already given an assurance that if the TET system is introduced, it will be run in tandem with the existing TTE regime to ensure that no-one is taxed twice," Dr Cullen said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Gordon Campbell: On Plastic Bag Activism, And Street Harassment

Amusing to see the Act Party experiencing another outbreak of young fogey-ism. What has aroused the ire of Act Leader David Seymour this time is the introduction of a Greens private members bill to the ballot process, calling for a 15 cents levy on plastic bags to reduce pollution. More>>


Unclear Weapons: US Navy Ship Cleared To Visit NZ For Navy's 75th

United States Navy ship, the USS Sampson, has been given clearance to visit New Zealand next month by Prime Minister John Key... “The process for considering the visit by the USS Sampson is the same as that used for all ships attending the International Naval Review." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news