Sunday, May 24, 2015

I Thought He Had More Brains

John Roughan, that is.

Today he squanders a billion words lamenting the arrival of a capital  gains tax last week 'without any fanfare."

If they dig up this week's news they will see little sense of the significance of last Sunday's announcement of a capital gains tax.

Well Mr Roughan that's probably because the people you thought would kick up bobsie dye have more brains than you do.  They know it is not a new tax, just a change to the rules surrounding an old tax that has been with us for decades.

I guess what he's really saying is the media's campaign to create a cause celebre has failed - yet again.

9 comments:

Nick K said...

Are the exemptions (that don't include the family home held in a trust) new?

I've not heard of them before.

Hubert said...

It's a change of rules regarding an old tax which mean that people who previously didn't have to pay it now need to. In other words it's a new tax. Just like the new border tax (for which there is no corresponding reduction in other taxation. Tax, tax, tax. It's OK when the right does it though eh?

Adolf Fiinkensein said...

Hubert

You are wrong.

They did have to pay it but they evaded payment by lieing.

Hubert said...

That is incorrect. People who have legitimate reasons to sell other than for capital gain previously did not need to pay the tax. Now they will be charged. This is new. A new tax, just like the new border tax.

Noel said...

The border tax is touted as returning 100 million. Draft doc suggests we taxpayers are currently subsidizing at 75 million. Room there to exempt kiwi travellers.

Adolf Fiinkensein said...

Hubert

Perhaps you might care to indicate what you would regard as a 'legitimate' reason to sell an investment property? Remember, the family home, as in Australia, is exempt.

Hubert said...

Sure. Financial pressure, stress, ill health, a death in the family, a desire to invest elsewhere, you might be sick of dealing with tenants, the need for cash to travel and so on. Now regardless of the reason for sale you must pay tax on any gain. It's a new tax and Key's a liar; accept it and move on.

Adolf Fiinkensein said...

Hubert

You sure you're not Howie on sabbatical?

None of your excuses come anywhere a 'legitimate' reason to avoid paying your rightful share of tax.

Hubert said...

Precisely, Adolf. Before this new tax was introduced such reasons were legitimate and therefore the sale did not attract a tax. Now there's tax payable, despite the realisation of capital gain not being the reason behind the sale. Another new tax is therefore established.