Originally Posted by
BlackPeter
Actually - its not that difficult. Anything below 50k is not considered, and most of the bigger ticket items are valued anyway.
Real estate: For anything property related we have a GV, no additional work / valuation required.
Cars: If I believe TRA, than ways above 95% of all cars must be worth less than 50K ... i.e. no valuation required. I am sure the reminder (creme of the creme) is insured, i.e. just take the insurance value. No additional work at all.
Antiques / Art ... again - it would be quite easy to just take the agreed insurance value. I doubt there is much stuff above 50k around which is not insured. No additional work required.
Companies ... might be an issues, but than - why not go for the NTA in the balance sheet they need to file anyway. No additional work required.
While more taxes are clearly never popular - and the geese who might get plugged are already intensely hissing .... the country clearly needs a wider tax base to pay for superannuation and health for an aging population, for improved infrastructure and for educating the generation (our grandchildren) who needs to pay anyway the lions share of our super, health and the accumulated Covid cost.
The Rich are getting richer in NZ as well as everywhere, while the poor are getting poorer. A wealth tax would hit the people who benefited most from the recent crisis. I think this sounds fair enough.