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@JK said in So we are about to get taxed up a storm!:
Yeah there were some significant limits as to what they could and couldn't look in to. GST for example (which works pretty well) was off the agenda, so too moving the top tax rates.
As with pretty much anything with the current government, due to the coalition setup, old Winnie is going to be pretty key. That guys been both for and against a capital gains tax on and off over the years so will be interesting to see where he points NZ First this time.
Awesome. It's just great relying on Winstone fucking Peters to be the voice of reason. Hopefully he's smart enough to know where is support stands on this issue. Those 3/4% poll results should be firmly in his mind.
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I have yet to actually hear a cohesive and logical argument for CGT except as a way of broadening the tax base.
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@JK said in So we are about to get taxed up a storm!:
@pakman said in So we are about to get taxed up a storm!:
Any indication of what the rate might be? In UK CGT on shares @20%.
Its proposed that all capital gains should be taxed within the current tax system at the taxpayer’s marginal rates
So 33% right?
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@Kirwan said in So we are about to get taxed up a storm!:
@JK said in So we are about to get taxed up a storm!:
@pakman said in So we are about to get taxed up a storm!:
Any indication of what the rate might be? In UK CGT on shares @20%.
Its proposed that all capital gains should be taxed within the current tax system at the taxpayer’s marginal rates
So 33% right?
Yeah if thats your marginal tax rate (assume it would be for most who are caught under the proposed CGT)
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@Kirwan said in So we are about to get taxed up a storm!:
relying on Winstone fucking Peters
what has our world come to
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@JK said in So we are about to get taxed up a storm!:
@Kirwan said in So we are about to get taxed up a storm!:
@JK said in So we are about to get taxed up a storm!:
@pakman said in So we are about to get taxed up a storm!:
Any indication of what the rate might be? In UK CGT on shares @20%.
Its proposed that all capital gains should be taxed within the current tax system at the taxpayer’s marginal rates
So 33% right?
Yeah if thats your marginal tax rate (assume it would be for most who are caught under the proposed CGT)
Highway robbery.
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@Kirwan said in So we are about to get taxed up a storm!:
Are there any figures on how much it costs to collect the CGT? I heard some mention that it would cost almost as much to administer as it collected.
From an accountants perspective that sounds unlikely.
Given it doesn’t apply to the family home, most of the property/ shares etc will be held in some kind of company/ trust and we already calculate capital gains and losses on disposal. It’s just simply reporting that in a different way.
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@JK said in So we are about to get taxed up a storm!:
@Kirwan said in So we are about to get taxed up a storm!:
@JK said in So we are about to get taxed up a storm!:
@pakman said in So we are about to get taxed up a storm!:
Any indication of what the rate might be? In UK CGT on shares @20%.
Its proposed that all capital gains should be taxed within the current tax system at the taxpayer’s marginal rates
So 33% right?
Yeah if thats your marginal tax rate (assume it would be for most who are caught under the proposed CGT)
Much above 20% tax planning becomes worthwhile and take diminishes.
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It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
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@jegga said in So we are about to get taxed up a storm!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
We can only hope
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@jegga said in So we are about to get taxed up a storm!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
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@Toddy said in So we are about to get taxed up a storm!:
@jegga read already Jegga. Impressive!
Nah , Kiwiblog has the lowlights up. Highest cgt rate in the world and not inflation indexed . Businesses and other taxable asset owners will have to pay to get a valuation that will determine their cgt when they sell .
Madness.
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@JK said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
I bet they aren’t , Cullen is such a bitter mad old loon .
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@jegga said in So we are about to get taxed up a storm!:
@JK said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
I bet they aren’t , Cullen is such a bitter mad old loon .
I think they all go cuckoo in the head. Like Bolger wanting to change back many of his employment reforms
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@canefan said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@JK said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
I bet they aren’t , Cullen is such a bitter mad old loon .
I think they all go cuckoo in the head. Like Bolger wanting to change back many of his employment reforms
Cullen was a fluffybunny right from the start , in his maiden speech in parliament he was mocking the farmers that paid for his scholarship . Until Pam Corkery managed to top it Cullens speech was regarded as one of the nastiest/worst ever maiden speeches from an mp.
So we are about to get taxed up a storm!