Parliament

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

 

KiwiSaver funds won’t incur CGT

David Cunliffe
Finance Spokesperson

Stuart Nash
Revenue Spokesperson

3 August 2011

KiwiSaver funds won’t incur CGT

KiwiSaver funds will not incur capital gains tax on their share investments under Labour’s policy proposal.

“National’s scaremongering in Parliament yesterday --- like almost everything it says on CGT --- was spurious and without foundation,” Labour’s Finance spokesperson David Cunliffe said today.

“KiwiSaver funds that invest in shares are already taxed as portfolio investment entities (PIEs) at the PIE rate of 28 per cent, or as widely-held superannuation funds taxed at 30 per cent,” David Cunliffe said.

Labour’s Revenue spokesperson Stuart Nash said: “In neither case would the KiwiSaver fund attract additional capital gains tax as tax is essentially already being paid on a trading basis.

“CGT will close a major loophole where no tax is currently paid by individuals on investments not managed by mutual funds or superannuation schemes,” Stuart Nash said.

“But there will no double taxation of traded funds under our CGT plan.”

David Cunliffe said National’s credibility was in tatters on this claim.

“It’s also in tatters on its suggestion that Labour is embarking on an expenditure binge. The fact is that Labour’s plan will pay net Crown debt down to zero slightly before National --- and without having to sell off State-owned assets. Under Labour, we will be back in surplus in the same year as National plans to be.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Supermarket Scam, And On Tunisia’s Scrapping Of Democracy

Are we paying too much for our groceries? Hmm. Is the Pope a Catholic? Given that the two Australian supermarket chains that dominate our grocery industry routinely rack up profits in the order of $22 billion annually, that’s a no-brainer. Yet as with New Zealand’s other socio-economic problems created by our 1980s reforms, the practical solutions seem pretty thin on the ground... More>>

 



Government: Bill Introduced To Protect Against Conversion Practices

Legislation has been introduced to Parliament to protect against practices intended to change or suppress someone’s sexual orientation, gender identity, or gender expression... More>>

ALSO:

Government: Welcomes Draft Report On The Retail Grocery Sector

The Commerce Commission’s draft report into the retail grocery sector is being welcomed by Government as a major milestone. “I asked the Commerce Commission to look at whether this sector is as competitive as it could be and today it has released its draft report for consultation,” Commerce and Consumer Affairs Minister, David Clark said... More>>

ALSO:

Child Poverty Action Group: Poverty Burden For Children Increased Due To Government Neglect - New Report

Poverty, inequity, homelessness and food insecurity are among the burdens which increased for tamariki Māori and other children in the first year of Covid-19 - partially due to Government neglect... More>>



NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>



Social Development: Government Initiatives Contribute To Fall In Benefit Numbers

Minister for Social Development Carmel Sepuloni has welcomed the release of the June quarter Benefit Statistics which show a continuing fall in the number of people receiving a Main Benefit... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels