crustyngrizzly

Capital Gains Tax

57 posts in this topic

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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19 hours ago, WOODBINE said:

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.

 

So the question is.... if I sell at a loss can you get a refund????

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