Tue, 03 Nov 2009 10:29p.m.
The family home is safe but Finance Minister Bill English isn't ruling out a capital gains tax on investment property.
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22/01/2010 10:27:20 p.m.
maree scott wrote:
australia has capital gains , the rising prices of property have not slowed down. duhhh
4/11/2009 11:59:58 p.m.
It is stupid to bring in Capital Gains Tax (CGT) at this stage. Instead they should clamp down on the level of negative gearing one can exploit. I think this is a no brainer! If the negative gearing is controlled the whole issue of people investing in properties that are not going to give the correct returns are going to vanish. House prices will automatically stop rising ... So investing in properties will be like investing in any other business where you are working to get returns rather than thinking of getting tax benefits. The other option would be to treat negative gearing like depreciation -- one that must be paid back to IRD if there is a profit made on the property -- but this option has the some down sides ... Finally they could bring in some conditions on how long one would have to hold the properties before it will be eligible for tax free CGT.
4/11/2009 12:23:22 p.m.
Doug W wrote:
Of course we should have capital gains tax - would also mean that capital LOSSES could be claimed against income - so with housing about to Tank is perfect for all those who bought over the past 3 years - no WONDER its being pushed
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