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Govt must properly assess five year bright-line test

Govt must properly assess five year bright-line test

The Government needs to properly assess the impact of the proposed five year bright-line test and the rest of its tax changes on the housing market and the wider economy, National Party Finance Spokesman Steven Joyce says.

“Not for the first time we have an inexperienced Government rushing forward with a significant change to our economic settings without any thought to the consequences of their actions,” Mr Joyce says.

“Landlords and investors are already raising concerns at the punitive nature of the move and the potentially chilling effect on housing investment. The Finance Minister needs to start listening and direct his Revenue Minister to run a proper consideration of this change.

“We have a Government that is declaring war on mum and dad property investors and treating them all like they are speculators. Whether it’s this or negative gearing or the proposed capital gains tax, it’s all designed to nail legitimate property investors.

“That’s hugely ironic given they say they want to grow the supply of housing.”

My Joyce says the change needs to be properly examined through a select committee process as the two year bright-line test was.

“This is particularly true given the ambivalence of Treasury to the move and the opposition of the Inland Revenue Department to the change.

“When the IRD opposes a move to increase its own reach we need to stop and consider its views carefully.

“By tacking this change on now to an already existing tax bill, they are seeking to avoid scrutiny by mum and dad investors and the Finance and Expenditure Committee.

“We need to have the effect of this extension properly examined both in its own right and in concert with everything else they are doing to discourage property investment.

“These moves can only slow down our strongly performing economy.”

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