Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Post-Cab Press Conference on the Capital Gains Tax

Post-Cab Press Conference on the Capital Gains Tax


Click for big version

In a press conference held today in Wellington Prime Minister John Key explained details of the capital gains tax revealed yesterday.

The current capital gains tax taxes the sale of properties purchased with the intention of resale for profit.

The new capital gains tax builds on existing tax law by creating a bright-line test which enforces a tax of up to 33 percent (charged at the marginal rate for the individual conerned) for properties bought and sold within 2 years.

Non-residents will need have to have a New Zealand bank account and IRD number to buy or sell property other than their main home.

“Nothing we did yesterday did takes away from the fact that if you owe tax because you are buying with the intention of selling you have to pay.”

“All we did yesterday was say there is not any discussion if its 0-2 years outside the family home, and if you’re a non-resdient buyer in New Zealand be warned the conditions have chnaged dramatically and you’ll have to be aware of those factors when you buy a property.

Click a link to play audio (or right-click to download) in either
MP3 format or in OGG format.

ENDS

© Scoop Media

 
 
 
Top Scoops Headlines

 

Binoy Kampmark: The Major Questions Doctrine: The US Supreme Court Blunts The EPA
The US Supreme Court has been frantically busy of late, striking down law and legislation with an almost crazed, ideological enthusiasm. Gun laws have been invalidated; Roe v Wade and constitutional abortion rights, confined to history. And now, the Environmental Protection Agency has been clipped of its powers in a 6-3 decision.
The June 30 decision of West Virginia v Environmental Protection Agency was something of a shadow boxing act... More>>


Ian Powell: Are we happy living in Handy's Age of Unreason?

On 19 June the Sunday Star Times published my column on the relationship between the Labour government’s stewardship of Aotearoa New Zealand’s health system and the outcome of the next general election expected to be around September-October 2023: Is the health system an electoral sword of Damocles for Labour... More>>


The First Attack On The Independents: Albanese Hobbles The Crossbench
It did not take long for the new Australian Labor government to flex its muscle foolishly in response to the large crossbench of independents and small party members of Parliament. Despite promising a new age of transparency and accountability after the election of May 21, one of the first notable acts of the Albanese government was to attack the very people who gave voice to that movement. Dangerously, old party rule, however slim, is again found boneheaded and wanting... More>>


Dunne Speaks: Roe V. Wade Blindsides National

Momentum is everything in politics, but it is very fragile. There are times when unexpected actions can produce big shifts and changes in the political landscape. In 2017, for example, the Labour Party appeared headed for another hefty defeat in that year’s election until the abrupt decision of its then leader to step aside just weeks before the election. That decision changed the political landscape and set in train the events which led to Labour being anointed by New Zealand First to form a coalition government just a few weeks later... More>>

Digitl: Infrastructure Commission wants digital strategy
Earlier this month Te Waihanga, New Zealand’s infrastructure commission, tabled its first Infrastructure Strategy: Rautaki Hanganga o Aotearoa. Te Waihanga describes its document as a road map for a thriving New Zealand... More>>


Binoy Kampmark: Leaking For Roe V Wade
The US Supreme Court Chief Justice was furious. For the first time in history, the raw judicial process of one of the most powerful, and opaque arms of government, had been exposed via media – at least in preliminary form. It resembled, in no negligible way, the publication by WikiLeaks of various drafts of the Trans-Pacific Partnership... More>>