People didn't want a CGT - this is what they got instead.
They would have been better off under a CGT.
Printable View
We already had a capital gains tax prior to the introduction of the brightline test. If a person or entity was either in the business of buying and selling property, or bought property with the intention of resale for gain, any such gain was already taxable under existing legislation. The issue we had was the Government's lack of enforcement of their own policy, in this case for decades! Regarding limiting interest deductibility having unintended consequences, I saw on the news tonight that a number of developers have put their development projects on hold until there is clarity around interest deductibility for developers. The unintended consequence is a short term choking of additional supply - which is the exact opposite of what the Government intended! Not even The Onion could make this up. Yet again it is more evidence of lack of research, work and foresight by Labour before implementing bad policy. This pack of amateurs couldn't organise a booze up in a brewery.
https://www.businessinsider.com.au/s...goldman-2021-3
Goldman Sachs predicts the S&P 500 will hit 4,300 over the next year
Exactly why these new policies are good for general well being of our society ...people who should not be even trying to have another house did so as they thought nothing to loose as its always win win in nz housing market that they went on to over extend their financials to buy an investment property just because bank will finance them ..
https://www.stuff.co.nz/business/pro...tive-cash-flow
Meanwhile my former neighbours, have sold their house (which has had 8 owners in the 20 years since it was placed on the section) moved into yet another family home which they plan to slap a coat of paint on, fix a few minor issues, and hock as soon as possible without being captured by IRD. That's okay according to government policy. Serial housing monogamists are welcome here.
https://www.nzherald.co.nz/nz/invest...OBU26UL3N2V4Q/
Turning point for the property market?