The working group have got back and the report has been published.
Interested in the views here, especially as several here own their own business.
In short it seems to be:
- excluding Family Home and assets like cars
- Including sale of investment and holiday houses
- Including sale of shares
- Including sales of a business/company
- Assets are valued at time of implementation of the tax and any gains are taxed from that time on upon sale
- Initial partial offset with smallish (~$10/wk) broad-based tax reduction via moving a lower tax threshold up
- Excluded from tax if passing on capital as part of inheritance (death duties) or during divorce - but family farms value is not reset if sold on later (so not sure yet exactly how that works in all cases)
Also thrown into the mix are changes/more environmental tax (eg land fill/ carbon tax), reducing tax on some super contributions and a few other things
Overall I think a capital gains tax is fair, why should someone get taxed when the invest by putting money in the bank, yet avoid tax if the invest in property or shares.
