capital gains tax tagged posts
June 4, 2015 New Zealand Taxation
The upcoming capital gains tax is not likely to raise more than NZD 70 million per year, with property sales in Auckland being hit the hardest.
Last week the consultancy firm CoreLogic released a report on the potential effect of the upcoming regulations regarding the taxation of capital gains from the sale of property, showing that the changes will have the most significant effect in the Auckland region.
It was shown that in Auckland approximately 15 percent of the 31 000 property sales were properties which had been held for 2 years or less, while across New Zealand as a whole the percentage was only approximately 10 percent.
Further it was noted that a significant portion of the sales across the country would not qualify for the tax, as they are the seller’s primary residential proper...Read More
August 27, 2013 New Zealand Taxation
The Labour party could soon make a heavy push to hike taxes for the wealthy, if David Cunliffe comes to power.
On August 27th David Cunliffe, one of the candidates for the leadership position of the Labour Party, indicated that he would seek to raise taxes for the wealthy if he elected as the party leader.
David Cunliffe’s statement came as a response to a journalist questioning of whether he would seek to raise the taxes, to which he replied “… you bet,” although he refused to disclose the exact size and nature of the potential tax.
However, he did indicate that he has previously been an advocate of introducing a capital gains tax, and he would push a similar measure in the future.
He added that the current tax policies of the Labour Party call for a more progressive income tax syste...Read More
September 23, 2011 New Zealand Taxation
The Labour Party is reaffirming its tax policy stance, saying that the country needs to make bold moves in setting its tax policies, such as the proposed capital gains tax.
In a presentation in Wanganui on September 22nd the Labour Finance spokesperson David Cunliffe spoke about the party’s intended tax policies. David Cunliffe conceded that new taxes were not typically popular with voters, but the Party’s proposals had so far been met with a better reception than anticipated.
David Cunliffe reaffirmed New Zealand’s need for a capital gains tax, saying that New Zealand was one of only three OECD member states to not have the tax. The Minister explained that the new tax would encourage people to invest in productive assets and not just in property...Read More
July 26, 2011 New Zealand Taxation
There are more New Zealanders who support the implementation of a capital gains tax in New Zealand than those who oppose it, although high income earners are overwhelmingly against the proposal.
On July 24th HorizonPoll published the results of the first nation spanning survey to gauge the opinions of taxpayers on capital gains taxes, since the Labour Party announced its intention to implement the levy earlier this month.
According to information in the published results, nearly 41 percent of New Zealanders support the Labour Party’s proposal for a capital gains tax, and just over 34 percent are opposed to the system. Approximately 18 percent of respondents were still undecided, and 7 percent said that they did not know the best course of action.
The survey showed that high income ear...Read More