Student, 24yr, loses $60k deposit on apartment

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#2291440 7-Aug-2019 10:18

Batman:

you learn something new every day!

now if only they pass a law to require every existing property owner to provide an IRD number ... that would clamp down on money laundering in 60 seconds ... but alas, can of worms and maybe they don't want to know

18 June 2019

Supplementary Order Paper No. 248 to the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill was released today.http://taxpolicy.ird.govt.nz/news/2019-06-18-sop-tax-bill-providing-ird-numbers-all-property-transfers

It includes a proposal that would require all buyers and sellers of property to provide their IRD number as part of the transaction process. Previously, those buying or selling a main home did not have to provide an IRD number.

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#2291550 7-Aug-2019 11:10

wellygary:

Batman:

you learn something new every day!

now if only they pass a law to require every existing property owner to provide an IRD number ... that would clamp down on money laundering in 60 seconds ... but alas, can of worms and maybe they don't want to know

18 June 2019

Supplementary Order Paper No. 248 to the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill was released today.http://taxpolicy.ird.govt.nz/news/2019-06-18-sop-tax-bill-providing-ird-numbers-all-property-transfers

It includes a proposal that would require all buyers and sellers of property to provide their IRD number as part of the transaction process. Previously, those buying or selling a main home did not have to provide an IRD number.

I mean existing property not being bought or sold.

tripper1000

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#2291759 7-Aug-2019 15:43

wellygary:

Batman: that's assuming IRD shares information with China?

Agreement between The Government of New Zealand and The Government of the People’s Republic of China

For the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance

"ARTICLE 26

EXCHANGE OF INFORMATION

1. The competent authorities of the Contracting States shall exchange ........

O. T. I know, the agreement suited both countries Govt's quite well. The Chinese Govt has been trying steer Chinese investors to invest in China and to stem the illegal flow of cash out of the China into foreign investments facilitated through black market FOREX banks - meanwhile, the NZ govt was trying to stem housing inflation caused by foreign speculation in NZ housing without admitting it was an issue.

By revealing to the Chinese govt when Chinese money is being invested in NZ housing, it closed one of the destinations for illegally exported money. It is pretty sobering to think about how dramatically sales dropped, and how that indicates so many earlier sales must have been contrary to Chinese law. Meanwhile we naively expect the very same people to dutifully pay their taxes here? I don't think so Tim.

wellygary

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#2291773 7-Aug-2019 16:06

tripper1000:

O. T. I know, the agreement suited both countries Govt's quite well. The Chinese Govt has been trying steer Chinese investors to invest in China and to stem the illegal flow of cash out of the China into foreign investments facilitated through black market FOREX banks -

Preventing leakages is always a major headache when you run capital account restrictions,

There are numerous stories of people getting every members of their extended family to divide up funds to send them overseas to buy apartments in Vancouver, Sydney or Auckland,

Although currency restriction always lead to the most interesting examples of capitalism finding ways round.

.... Back in the 1990s when the Russian Rouble was unconvertible Pepsi had a thriving barter trade running selling Cola and returning the funds as Russian Vodka and chairs for its American pizza Hut Chain.

Heck, we even traded Butter for some Hungarian trains in the early 1990s

gzt

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#2292400 8-Aug-2019 16:01

surfisup1000: A whole generation of aucklanders who have grown up thinking house prices will increase 20% or more a year.

As you know apartments are not the same market which is one of many reasons that banks require 20%. Imo if deposit requirements on apartments were lower this would solve a lot of problems. And create a few more to solve naturally.

sen8or

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#2292411 8-Aug-2019 16:28

wellygary:

tripper1000:

O. T. I know, the agreement suited both countries Govt's quite well. The Chinese Govt has been trying steer Chinese investors to invest in China and to stem the illegal flow of cash out of the China into foreign investments facilitated through black market FOREX banks -

Preventing leakages is always a major headache when you run capital account restrictions,

There are numerous stories of people getting every members of their extended family to divide up funds to send them overseas to buy apartments in Vancouver, Sydney or Auckland,

Although currency restriction always lead to the most interesting examples of capitalism finding ways round.

.... Back in the 1990s when the Russian Rouble was unconvertible Pepsi had a thriving barter trade running selling Cola and returning the funds as Russian Vodka and chairs for its American pizza Hut Chain.

Heck, we even traded Butter for some Hungarian trains in the early 1990s

I believe Pepsi even had at one point its own Soviet submarine

https://www.businessinsider.com/how-pepsi-briefly-became-the-6th-largest-military-in-the-world-2018-7/?r=AU&IR=T

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#2292430 8-Aug-2019 16:55

gzt:
surfisup1000: A whole generation of aucklanders who have grown up thinking house prices will increase 20% or more a year.

As you know apartments are not the same market which is one of many reasons that banks require 20%. Imo if deposit requirements on apartments were lower this would solve a lot of problems. And create a few more to solve naturally.

What kind of 1 bdr apartment costs 600k?

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mudguard

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#2292471 8-Aug-2019 18:18

gzt:
surfisup1000: A whole generation of aucklanders who have grown up thinking house prices will increase 20% or more a year.

As you know apartments are not the same market which is one of many reasons that banks require 20%. Imo if deposit requirements on apartments were lower this would solve a lot of problems. And create a few more to solve naturally.

An apartment that small will generally require a 35% deposit. Some banks won't lend on sub 50m2 apartments.

1024kb

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#2292475 8-Aug-2019 18:27

sen8or:
wellygary:

tripper1000:

O. T. I know, the agreement suited both countries Govt's quite well. The Chinese Govt has been trying steer Chinese investors to invest in China and to stem the illegal flow of cash out of the China into foreign investments facilitated through black market FOREX banks -

Preventing leakages is always a major headache when you run capital account restrictions,

There are numerous stories of people getting every members of their extended family to divide up funds to send them overseas to buy apartments in Vancouver, Sydney or Auckland,

Although currency restriction always lead to the most interesting examples of capitalism finding ways round.

.... Back in the 1990s when the Russian Rouble was unconvertible Pepsi had a thriving barter trade running selling Cola and returning the funds as Russian Vodka and chairs for its American pizza Hut Chain.

Heck, we even traded Butter for some Hungarian trains in the early 1990s

I believe Pepsi even had at one point its own Soviet submarine

https://www.businessinsider.com/how-pepsi-briefly-became-the-6th-largest-military-in-the-world-2018-7/?r=AU&IR=T

Off topic but...

The long-gone NZFP swapped a shipment of timber for a bunch of Maserati Biturbo cars, sedans & coupes, circa 1990.

Maserati has had a multitude of owners - from the logical - Ferrari, to the very weird - Citroen, & was under De Tomaso / Fiat ownership at the time - Fiat rescuing De Tomaso from the disastrous unreliability of just about every Maser ever built.

I don't know what went through the mind of the NZFP execs when they signed that deal off, but if they thought they'd eventually profit then they had sadly miscalculated. A couple of years after landing the Maserati's, they ended up tendering them out for a lot less than the original price ($135k IIRC).

They did have beautiful clocks though.

Megabyte - so geek it megahertz