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gzt



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Topic # 247761 21-Feb-2019 13:30
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The tax working group report is out with it's recommendations to the government:

NZHerald:

The key report recommendations:

• Capital gains tax to apply after the sale of residential property, businesses, shares, all land and buildings except the family home, and intangibles such as intellectual property and goodwill.

• Tax rate to be set at the income-earner's top tax rate, likely to be 33 per cent for most.

• Calculation of gains not to be retrospective - tax to be applied to gains made after April 2021.

• Art, boats, cars, bikes, jewellery, personal household items and the family home to be exempt.

• Losses on the sale of assets bought before April 2021 will generally be able to be used to reduce paid on gains from other assets.

• Increase the threshold of the lowest tax rate (10.5 per cent), allowing more income to be taxed at the lower rate.

• Increase social welfare net benefits to allow similar benefits as low-income earners post tax threshold adjustments.

• House on farms and surrounding land up to 4500 sq metres exempt from CGT, calculated as a percentage of total farm value.

• CGT on small businesses can be deferred (roll over relief) if annual turnover is less than $5 million and sale proceeds are reinvested in similar asset class.

• No support to make company tax progressive, i.e. smaller companies paying less than 28 per cent.

• Capital gains tax estimated to raise $8.3 billion over five years.

• Expand coverage and rate of Waste Disposal Levy, expand the ETS and use congestion charging.

• Better tax benefits for KiwiSavers on low and middle incomes


In theory applied to business sales, in practice investment in Fred's Retirement Project Ltd seems very likely ;. )

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  Reply # 2184957 21-Feb-2019 17:17
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Bridges will save us... oops

 


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  Reply # 2184969 21-Feb-2019 17:47
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Perhaps discuss the advantages/disadvantages of the proposal, rather than making it personal?


 
 
 
 


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  Reply # 2184973 21-Feb-2019 17:58
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wsnz:

 

Perhaps discuss the advantages/disadvantages of the proposal, rather than making it personal?

 

 

It became personal as soon as the OP mentioned "Fred's Retirement Project Ltd."

 

;-)

 

 


gzt



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Reply # 2184992 21-Feb-2019 19:01
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There's an existing discussion created in off topic a few minutes before this one. Let's continue there instead:

https://www.geekzone.co.nz/forums.asp?forumid=48&topicid=247760

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  Reply # 2185197 22-Feb-2019 09:14
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gzt: There's an existing discussion created in off topic a few minutes before this one. Let's continue there instead:

https://www.geekzone.co.nz/forums.asp?forumid=48&topicid=247760

 

 

 

...which (inevitably) ended up being shifted to this forum anyway.

 

Bernard Hickey seems to have nailed what the issues are / political background is, with this article in Newsroom.


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