Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

19 capital gains tax details to look out for on Thursday

The Taxpayers’ Union has listed the top 19 details Kiwis will be looking out for on Thursday in the Tax Working Group’s capital gains tax proposal.

Taxpayers’ Union spokesman Louis Houlbrooke says “In our recent report, Five Rules for a Fair Capital Gains Tax, we outlined criteria to assess whether a capital gains tax is ‘fair’. Capital gains taxes can range from moderate to extreme, or simple to convoluted, depending on the detail of the proposal.”

“On Thursday we will look to see how the proposals stacks up against these criteria, and check off many other details that we encourage commentators and concerned New Zealanders to look out for.”

Details to look out for include:
• Rollover relief:
o will the capital gains tax apply on death or just on sale of an asset;
o will the tax apply if capital is simply being recycled within the same asset class (selling a smaller farm to purchase a larger farm, for example)?
• The rate:
o will there will be a discounted or lower rate, like in Canada, Australia, the United Kingdom, or the United States?
• Revenue neutrality:
o will the revenue be offset with tax cuts;
o if so, who will receive them;
o will revenue neutrality be maintained in the medium-to-long term as CGT revenue grows?
• Family home exemption:
o will there be exemption exclusions for large properties (will lifestyle blocks be subject to the tax?);
o will there be a ‘maximum value’ for the family home;
o how much tax will be payable if there is an exemption exclusion?
• ‘Valuation Day’:
o will asset owners be required to value their property and businesses;
o if so, will it be at their expense, or will the general taxpayer be required to pay;
o if the general taxpayer is required to pay, what will be the estimated cost of ‘V-Day’;
o how much time will taxpayers have to obtain asset valuations;
o if valuations are not obtained, will other ‘default valuations’ be used?
• Exemptions:
o are there any sectoral exemptions (e.g. racing, fisheries);
o will Maori authorities pay capital gains tax, if so, at what rate;
o how are vehicles, boats, antiques etc. treated?
• Trusts:
o at what rate are trusts taxed;
o will they be taxed on accrued or realised gains?

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Our Unreal Optimism About The Economic Impact Of Coronavirus

At this week’s Chinese New Year celebrations, PM Jacinda Ardern was resolutely upbeat that business with China would soon bounce back to normal – better than ever, even - once the coronavirus epidemic has been brought under control. To Ardern, the adversity has only accentuated just how close we are to Beijing Nothing wrong with being upbeat, if it can calm the nerves and turn business sentiment into a self-fulfilling prophecy. The problems begin when the optimism detaches itself from reality. What has been very odd so far about the coronavirus episode is that global share markets – normally spooked by mere sneezes or sniffles in the world’s major economies - have continued to be fairly positive, even as the epidemic has unfolded... More>>

First Published on Werewolf here


 

Gordon Campbell: On The Political Donations Scandals
Even paranoids have real enemies. While there has been something delusionary about the way New Zealand First has been living in denial about its donations scandal, one can sympathise with its indignation about Paula Bennett and Simon Bridges being among its chief accusers. More>>

ALSO:

UN Expert: NZ Housing Crisis Requires Bold Human Rights Response

This is a press statement from UN Special Rapporteur on the right to housing at the end of her 10-day visit to New Zealand. The Government of New Zealand has recognized that the country is facing a housing crisis, said Leilani Farha, UN Special Rapporteur ... More>>

ALSO:

2020 And Beyond: National’s Economic Plan

National Leader Simon Bridges has today outlined National’s economic plan heading into election 2020. “National understands the economy and how it impacts on New Zealanders day to day lives... More>>

ALSO:

Abortion Legislation Committee: Abortion Bill Report Presented To The House

The Abortion Legislation Committee has presented its report on the Abortion Legislation Bill to the House. A copy of the report is available here. The bill seeks to have abortion services provided like other health services... More>>

ALSO:


Auditor-General's Report : Water Management

The Auditor-General’s report Reflecting on our work about water management was presented to the House of Representatives today. Over the last two years we have been looking at how well public organisations are carrying out their water management ... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels