I own rental properties. I don't live the high life, gamble or even take holidays very often, and when I do, I catch up on work around the home rather than jetting around the world. Per force we both work 60+ hours a week and socialize very infrequently. We went out for dinner at the local restaurant last week for the 1st time in over a year. All the above is the real reason We now have rentals and will be able to look after ourselves in our twilight years paying our own way from investments and not be a burden upon the state. Incidentally, our cars are teenagers and not even bought new. For all the knockers who want taxation to fall disproportionately on the so called rich only, put your heads down, arses up, work and save what you earn, and get a life.
Hey JK put the gst up to 80% if you like and let education health and public transport be free for everyone. And then watch tourism flourish and people change for the better. Less negativity and pollution. More time to spend creating and living.This is a dream not a nightmare and only a comment that cost nothing.
I own an accountancy practice and have many clients that own investment properties. I would assess that the vast majority of these clients know that they are bucking the system, albeit legally. They know, and sometimes admit, that the system is morally bankrupt, but they don't make the rules, only play by them. In the interest of fairness and an equitable system that encourages capital to be invested in productive assets and not merely bricks and mortar New Zealand desperately needs to reform the tax treatment of mortgage interest and capital gains on investment properties. Despite the fact that this will not be in my best interest. There are too many bleating short sighted, self interested investors in this debate. We all knew that such a good thing couldn't last forever.