RaceCafe..#1...Tipsters Thread.... Share Your Fancies For Fun...Lets See Who The Best Tipsters Here Are.
crustyngrizzly

Capital Gains Tax

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Labour left the economy in good shape in 2008. Treasury said so at the time in their briefing to the incoming government:

A stable macroeconomic environment gives investors confidence in the New Zealand economy as a place to invest. It gives New Zealand businesses a degree of certainty for making business decisions. Successive governments have done a good job of getting the New Zealand economy in a position where it can respond well to economic shocks. Low levels of public debt allow freedom to look through short-term cyclical fluctuations and there is room to adjust monetary policy to support demand.

Bill English said so too, on Dec 18 2008:

“I want to stress that New Zealand starts from a reasonable position in dealing with the uncertainty of our economic outlook.” “In New Zealand we have room to respond. This is the rainy day that Government has been saving up for,” he told reporters at the Treasury briefing on the state of the economy and forecasts.

Bill was still saying the same, in May 2010. The IMF agreed:

[New Zealand] was better placed, in terms of its starting point going into the crisis, than many countries. The basic nature of its banking system, the floating exchange rate, and low Government debt should stand it in good stead. … As well, “significant” stimulus from monetary and fiscal policy was happening, even if its full benefits had yet to be felt. “The average advanced country is starting with [government] debt of around 80 per cent of GDP,” Mr Brooks said. “New Zealand’s gross debt is around 20 per cent and in net terms it has positive financial assets. That’s important.”

Labour oversaw a decade of growth. According to Reserve bank Governor Dr Allan Bollard in 2008…

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5 hours ago, Ohokaman said:

Its not only the lifestyle block under threat , the family home is as well . Listening to a tax expert the other day it goes like this , Mum and Dad own the home , Dad dies , Mum gets the house , no tax , but when Mum dies whammo , the inheritance tax (in there somewhere, fine print ) hits the kids inheritance  , so indirectly the family home is taxed .

In the states interest paid on a family home is tax deductable for all home owners so over many years that's a big saving and a great head start and buffer against any tax charged when selling ,   not here .

Now for the owner who races and then sells at an improved value that's capitol gain no difference to the small business person who builds a business up , creates improved value/goodwill and sells , they will both get hit .

Socialism has always failed , its all about pulling people down rather than building people up .

 

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 the very people a lot of you seem to adore  actually caused the GFC. That and the  Chch earthquake are the reasons trotted out by the faithful for the Key Govt borrowing more in 9 years than the cumulative total of ALL  Govts since Nz became a sovereign nation.

I love the obedient clichés trotted out by the acolytes who have drunk the Kool aid..'spending other peoples money'..'we may be on the cusp of something ..special'...'a brighter future'...meaningless platitudes soaked up by the lockstep ,mindless ,segment of the population who actually believe that Capitalism is a level playing field.

Corporate crony Capitalism is the order of the day..where would the wealthy be ..without it?

 

 

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23 minutes ago, flockofewes2 said:

 the very people a lot of you seem to adore  actually caused the GFC. That and the  Chch earthquake are the reasons trotted out by the faithful for the Key Govt borrowing more in 9 years than the cumulative total of ALL  Govts since Nz became a sovereign nation.

I love the obedient clichés trotted out by the acolytes who have drunk the Kool aid..'spending other peoples money'..'we may be on the cusp of something ..special'...'a brighter future'...meaningless platitudes soaked up by the lockstep ,mindless ,segment of the population who actually believe that Capitalism is a level playing field.

Corporate crony Capitalism is the order of the day..where would the wealthy be ..without it?

 

 

Fuck me....you should join those other nutters on the Trump post...you'll fit right in.

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1 hour ago, flockofewes2 said:

 the very people a lot of you seem to adore  actually caused the GFC. That and the  Chch earthquake are the reasons trotted out by the faithful for the Key Govt borrowing more in 9 years than the cumulative total of ALL  Govts since Nz became a sovereign nation.

I love the obedient clichés trotted out by the acolytes who have drunk the Kool aid..'spending other peoples money'..'we may be on the cusp of something ..special'...'a brighter future'...meaningless platitudes soaked up by the lockstep ,mindless ,segment of the population who actually believe that Capitalism is a level playing field.

Corporate crony Capitalism is the order of the day..where would the wealthy be ..without it?

 

 

Of course Capitalism is not a level playing field.

Capitalism always creates inequality.. it lifts all boats but some more than others.

It is Socialism that creates the level playing field.

Socialism always creates poverty and misery but equality for all..

I know which one I prefer.

 

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8 hours ago, rdytdy said:

Of course Capitalism is not a level playing field.

Capitalism always creates inequality.. it lifts all boats but some more than others.

It is Socialism that creates the level playing field.

Socialism always creates poverty and misery but equality for all..

I know which one I prefer.

 

'a rising tide lifts all boats'.....trickledown theory....all more regurgitated nonsense.This is probably the wrong forum for a political discussion anyway.

 

The level is apparent when the best argument the right wing fanbois can come up with is the puerile assertion that ...I live in a caravan and am a beneficiary.Hopeless.

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4 hours ago, flockofewes2 said:

The level is apparent when the best argument the right wing fanbois can come up with is the puerile assertion that ...I live in a caravan and am a beneficiary.Hopeless.

Are you a university theorist who wears roman sandals with white knee high socks, Hallensteins light brown walk shorts with a silver buckle,  loves a grey cardigan, wears large circular glasses, drives a jap import Leaf & still live at home with your Mum and Grandma?

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2 hours ago, barryb said:

Are you a university theorist who wears roman sandals with white knee high socks, Hallensteins light brown walk shorts with a silver buckle,  loves a grey cardigan, wears large circular glasses, drives a jap import Leaf & still live at home with your Mum and Grandma?

No....and as a comedian you are the biggest flop since...Fosbury.

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2 hours ago, crustyngrizzly said:

This CGT should it be implemented will certainly hammer horse trainers and studs when they want to sell especially if most of the barns,stable blocks etc are outside the 4500sqm of the house.

Shouldn't capital gains on business property be taxed?

 

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5 minutes ago, Leggy said:

 

Yes, including tax on recapture of any claimed depreciation . But a cgt might make that at a lower rate?

IMO we should do away with all taxes and introduce a low flat tax rate on everything of around 10%,and allow no deductions.

Haven't done any research on it so it might be too simplistic.

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On ‎2‎/‎22‎/‎2019 at 2:04 PM, poundforpound said:

Thanks for avoiding the question with a beautiful swerve that’d have done Phil Bennet proud Mr Notts

Please answer the questions again on the basis you’re a small time non GST registered horse investor / trader 

Gracias ....

To summarise; if you are a small time breeder not registered for GST, then the horses are personal chattels and no capital gains tax will apply.

Because the supercilious Michael Cullen said that personal chattels were exempt from the cgt.

  John Clydesdale suggests that my knowledge on tax matters is not up to date.  Possibly there is a recent Taxation Review Authority case,  that has thrown all precedents upon their collective heads, that I have not heard of.  If so I would be grateful if he could be so kind as to cite such a case.

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The appointment of Michael Cullen as Chairman of this independent group was certainly not independent as he is a Labour Party stalwart and has a predetermined view that CGT was required. As Chairman he would have controlled the discussion of this Group so this fact should be publicised.

Another interesting question  What position  would the Labour Party be in if Jacinda was not their leader and PM.?

My view is that the capital profit on the sale of any private racehorse will be subject to CGT just like it is in Australia.

 

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