Jacinda Ardern - our new PM

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Forums › Politics › Jacinda Ardern - our new PM

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Networkn
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#1970380 7-Mar-2018 09:58

GV27:

networkn:

Because it's the family home. I didn't buy it to profit from, and I still likely need to buy in the same market. It's fair if you allow a tax deduction for the output tax too. it's fair if I can tax deduct the money I spent perhaps increasing it's value by renovating it etc. What about my time? If I spent 10 weekends doing landscaping and as a result my sale price goes up 50K, can I claim that? Why not?

What do you propose a fair CGT is? 5%, 15%?

Why not? Because your own time is your own. You haven't incurred a cost without an invoice, and if you are going to claim it and invoice for it then it would also be income to you as well.

Ok, so then I get someone in and it costs me I get an invoice, I should be able to deduct that instead.

The bottom line is that a CGT on the family home is likely to cause whoever suggests it, to be thrown from the Beehive at speed. I don't mind if my other properties (should I have any) are taxed. Family home, shouldn't be.

GV27

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#1970399 7-Mar-2018 10:13

networkn:

GV27:

networkn:

Because it's the family home. I didn't buy it to profit from, and I still likely need to buy in the same market. It's fair if you allow a tax deduction for the output tax too. it's fair if I can tax deduct the money I spent perhaps increasing it's value by renovating it etc. What about my time? If I spent 10 weekends doing landscaping and as a result my sale price goes up 50K, can I claim that? Why not?

What do you propose a fair CGT is? 5%, 15%?

Why not? Because your own time is your own. You haven't incurred a cost without an invoice, and if you are going to claim it and invoice for it then it would also be income to you as well.

Ok, so then I get someone in and it costs me I get an invoice, I should be able to deduct that instead.

The bottom line is that a CGT on the family home is likely to cause whoever suggests it, to be thrown from the Beehive at speed. I don't mind if my other properties (should I have any) are taxed. Family home, shouldn't be.

If you're doing landscaping work then it's a capital cost and gets added to the cost of the property when working out capital gain.

networkn

Networkn
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#1970402 7-Mar-2018 10:18

GV27:

networkn:

GV27:

networkn:

Because it's the family home. I didn't buy it to profit from, and I still likely need to buy in the same market. It's fair if you allow a tax deduction for the output tax too. it's fair if I can tax deduct the money I spent perhaps increasing it's value by renovating it etc. What about my time? If I spent 10 weekends doing landscaping and as a result my sale price goes up 50K, can I claim that? Why not?

What do you propose a fair CGT is? 5%, 15%?

Why not? Because your own time is your own. You haven't incurred a cost without an invoice, and if you are going to claim it and invoice for it then it would also be income to you as well.

Ok, so then I get someone in and it costs me I get an invoice, I should be able to deduct that instead.

The bottom line is that a CGT on the family home is likely to cause whoever suggests it, to be thrown from the Beehive at speed. I don't mind if my other properties (should I have any) are taxed. Family home, shouldn't be.

If you're doing landscaping work then it's a capital cost and gets added to the cost of the property when working out capital gain.

So you can "claim" it? How far back can you claim? What dollar value is the minimum. We replaced all the light fittings and controls in the house as the ones we had weren't particularly good. Cost $2000, add to capital value?

6FIEND

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#1970404 7-Mar-2018 10:22

networkn:

Because it's the family home. I didn't buy it to profit from...

It's only the family home while you live in it. You don't profit from it until you sell it. When you do sell it, it's no longer your family home, but you're richer thanks to a potentially large amount of untaxed wealth.

Again, why do you believe that that income shouldn't be taxed (but all other income should be)? (Personally, I believe the only conceivable answer to that question is, "Because we have been conditioned to think that way")

networkn:

The bottom line is that a CGT on the family home is likely to cause whoever suggests it, to be thrown from the Beehive at speed.

I agree... but the same argument applies to the flat-tax structure that was also part of my utopia :-)

BTW - the overarching theme of my recommendation was consistency across all forms of income and all consumptive taxes. No exemptions. No barrows to push, No lobbying for special use-cases. Simple. Fair. Universal.

GV27

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#1970408 7-Mar-2018 10:25

networkn:

GV27:

networkn:

GV27:

networkn:

Because it's the family home. I didn't buy it to profit from, and I still likely need to buy in the same market. It's fair if you allow a tax deduction for the output tax too. it's fair if I can tax deduct the money I spent perhaps increasing it's value by renovating it etc. What about my time? If I spent 10 weekends doing landscaping and as a result my sale price goes up 50K, can I claim that? Why not?

What do you propose a fair CGT is? 5%, 15%?

Why not? Because your own time is your own. You haven't incurred a cost without an invoice, and if you are going to claim it and invoice for it then it would also be income to you as well.

Ok, so then I get someone in and it costs me I get an invoice, I should be able to deduct that instead.

The bottom line is that a CGT on the family home is likely to cause whoever suggests it, to be thrown from the Beehive at speed. I don't mind if my other properties (should I have any) are taxed. Family home, shouldn't be.

If you're doing landscaping work then it's a capital cost and gets added to the cost of the property when working out capital gain.

So you can "claim" it? How far back can you claim? What dollar value is the minimum. We replaced all the light fittings and controls in the house as the ones we had weren't particularly good. Cost $2000, add to capital value?

That's not what was proposed - the value of your house on a given date (referred to as 'V-Day') was taken as a baseline and then any gains from that point on would have attracted capital gains tax. It wasn't going to be retrospective.

networkn

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#1970411 7-Mar-2018 10:27

GV27:

That's not what was proposed - the value of your house on a given date (referred to as 'V-Day') was taken as a baseline and then any gains from that point on would have attracted capital gains tax. It wasn't going to be retrospective.

How and Who determines it's capital value?

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GV27

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#1970422 7-Mar-2018 10:44

networkn:

GV27:

That's not what was proposed - the value of your house on a given date (referred to as 'V-Day') was taken as a baseline and then any gains from that point on would have attracted capital gains tax. It wasn't going to be retrospective.

How and Who determines it's capital value?

The more relevant question is what position in the current cycle are you in when the value is determined?

Geektastic

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#1970427 7-Mar-2018 10:50

What is the intention of a CGT? If it's to reduce house prices, evidence strongly suggests that it won't.

As I have said before, NZ is one of the few comparable nations in which there is no tax free method of retirement saving. I have no idea why not, but as long as that remains unremedied, people will seek to use property to help ease the burden on the State when they retire.

networkn

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#1970568 7-Mar-2018 13:07

It's mildly amusing to me that so few people can say our PM's first name properly. Is it that she just isn't that memorable? :)

Pumpedd

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#1970708 7-Mar-2018 14:45

networkn:

It's mildly amusing to me that so few people can say our PM's first name properly. Is it that she just isn't that memorable? :)

You know she isnt!!!

MikeAqua

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#1970747 7-Mar-2018 15:47

Pumpedd:

networkn:

It's mildly amusing to me that so few people can say our PM's first name properly. Is it that she just isn't that memorable? :)

You know she isnt!!!

Personally I have no trouble with saying Jacinda. The only times I mispronounce it are deliberate syllable substitutions.

Jacinda is one of those names that phonetically starts off like a more common name then goes rogue.

My partner has a name like that and people often have to be told three or four times what her name is. They just keep defaulting to the common name they expected to hear after the first syllable. Older people tend to be worse at this.

Mike

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networkn

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#1970749 7-Mar-2018 15:50

I don't think I've ever got it wrong, except when I am deliberately referring to her Tax policies :)

It's pretty bad when you are a "special guest" in another country. Australia managed to get it wrong 4 times, Samoa have a big sign up, spelt wrong.

Reciprocity

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#1970788 7-Mar-2018 17:59

Hold on a second.

Is “Jacinta Great” what they’re chanting, or is “jacintagrate” what she’s doing in slo-mo?

Fred99

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#1970798 7-Mar-2018 19:17

This thread is hilarious.

Infantile jokes about the PM's name is the best you can do ???

Really?

networkn

Networkn
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#1970815 7-Mar-2018 19:51

Fred99:

This thread is hilarious.

Infantile jokes about the PM's name is the best you can do ???

Really?

Right, because there is so much maturity and reason in your other favourite thread!

Anwyays, I thought you rage quit this thread already.

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