Christopher Luxon, New Zealand Prime Minister 2023

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Forums › Politics › Christopher Luxon, New Zealand Prime Minister 2023

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#3251075 20-Jun-2024 10:07

What is the legality of changing ownership of your house to a Limited Liability company, which you own.

Then paying "rent" to the company for the house you own & live in.. but be able to claim the insurance, rates, mortgage interest on the property? to get tax back

sir1963

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#3251076 20-Jun-2024 10:07

freitasm:

I'd wager People who left would be the same people who would try their best to find loopholes.

Is that a loss, if people use public services but don't pay for them?

Depends if they were creating jobs that have also shifted...and if it is a one off tax gain, things like this can take years to have a full impact.

eg loss of future investment.

mudguard

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#3251078 20-Jun-2024 10:11

Eitsop:

What is the legality of changing ownership of your house to a Limited Liability company, which you own.

Then paying "rent" to the company for the house you own & live in.. but be able to claim the insurance, rates, mortgage interest on the property? to get tax back

I guess it would depend if the company income could cover the mortgage for a start.

sir1963

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#3251101 20-Jun-2024 10:52

Eitsop:

What is the legality of changing ownership of your house to a Limited Liability company, which you own.

Then paying "rent" to the company for the house you own & live in.. but be able to claim the insurance, rates, mortgage interest on the property? to get tax back

Well then you get into all sorts of tax issues, for example Perk Tax, is the business charging market rates.

You need to set up a company $$

You need to legally "sell" the property to the company $$

There is "intent" added into the mixture

You also do NOT get "tax back", any losses are simply carried forward and deducted from future profits

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#3251105 20-Jun-2024 11:01

sir1963:

tdgeek:

It shows that taxing high earners is not punitive. Unlikely to notice it on grocery day...

There is the issue, what is a "high earner" ?

We also have the issue that wages (even for high earners) is higher in australia.

Lots of the people I know who shifted to Aus are now Aus citizens and have zero intention of returning.

To be honest, high earners are not really the issue even here. The issue are people who don't earn anything - but rather obtain their money from property etc. that makes it for them.The 311 richest families in NZ probably only have "incomes" on par with the likes of you and me, specifically so they minimise their tax.

Additional bands of income tax will net way less than taxing actual wealth.

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GV27

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#3251207 20-Jun-2024 13:54

SaltyNZ:

The 311 richest families in NZ probably only have "incomes" on par with the likes of you and me, specifically so they minimise their tax.

I'm keen to know what you have to back this up.

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#3251212 20-Jun-2024 14:02

GV27:

SaltyNZ:

The 311 richest families in NZ probably only have "incomes" on par with the likes of you and me, specifically so they minimise their tax.

I'm keen to know what you have to back this up.

The tax report prepared by the IRD was very clear the top 311 families make the majority of their income from property, not wages, which is why they pay less than half the effective tax rate of a teacher, or a nurse.

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sir1963

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#3251213 20-Jun-2024 14:05

SaltyNZ:

The tax report prepared by the IRD was very clear the top 311 families make the majority of their income from property, not wages, which is why they pay less than half the effective tax rate of a teacher, or a nurse.

So people like Auckland airport, shopping malls, supermarkets...ie businesses who own and lease/rent commercial property.

GV27

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#3251214 20-Jun-2024 14:15

SaltyNZ:

The tax report prepared by the IRD was very clear the top 311 families make the majority of their income from property, not wages, which is why they pay less than half the effective tax rate of a teacher, or a nurse.

I'm aware of this. I've read the report.

What you're arguing is distinctly different to this, by saying that these 'high wealth families' pay themselves conventional taxable incomes in line with ordinary salary and wage earnings, which is not what the report says.

I want to know what you're basing that claim on.

ezbee

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#3251221 20-Jun-2024 14:48

No cost lowering of taxes.
Donald Trump has the answer to taxes, just scale up import tariffs bigly, very bigly!
Replace income taxes with import tariffs.
Job done time for another Big Mac and second helping of ice-cream.

ACT/National should love this idea being on the right side of things?

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#3251342 20-Jun-2024 23:10

SaltyNZ:

SaltyNZ:

The 311 richest families in NZ probably only have "incomes" on par with the likes of you and me, specifically so they minimise their tax.

The tax report prepared by the IRD was very clear the top 311 families make the majority of their income from property, not wages, which is why they pay less than half the effective tax rate of a teacher, or a nurse.

It was also very clear that the median taxable income of the individuals in the 311 families was $268,000pa

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#3251345 21-Jun-2024 06:43

Handle9:

It was also very clear that the median taxable income of the individuals in the 311 families was $268,000pa

Emphasis added. Yes, that's the point. Their total income is far higher than their taxable income.

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Handle9

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#3251346 21-Jun-2024 06:44

SaltyNZ:
Handle9:

It was also very clear that the median taxable income of the individuals in the 311 families was $268,000pa

Emphasis added. Yes, that's the point. Their total income is far higher than their taxable income.

It’s fun how you ignore the point that was made about you making stuff up.

sir1963

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#3251394 21-Jun-2024 07:17

SaltyNZ:

Handle9:

It was also very clear that the median taxable income of the individuals in the 311 families was $268,000pa

Emphasis added. Yes, that's the point. Their total income is far higher than their taxable income.

That is also true for all home owners, farmers, collectables , anyone who has shares, or has kiwi saver etc.

Are you saying these things should push up people into the next tax bracket and be used as part of any tax break/benefit people get ?

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#3251398 21-Jun-2024 07:46

sir1963:

That is also true for all home owners, farmers, collectables , anyone who has shares, or has kiwi saver etc.

Are you saying these things should push up people into the next tax bracket and be used as part of any tax break/benefit people get ?

My house's value going up doesn't give me money to spend unless I borrow against it. And if I do that, then yes, I absolutely should be taxed on it. If you're spending it like it's income, it should be taxed like income.

EDIT to add - and you already pay tax on dividends from shares and income investment returns on Kiwisaver. Arguably you should also pay tax on the capital gain on the shares when you sell or borrow against them too.

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