Nat/act/nzf 2023

**dobby41** · Today, 02:14 PM

Originally Posted by Panda-NZ-

Doesn't the IRD keep a record of income to the exact cent amount online.

Simply base it on that, then add on capital gains outside the primary residence.

OR take away the re-introduction of interest deductibility to make it simpler.

I was talking about Super payments.
Means testing is more than income testing and has nothing to do with capital gains.
Aus includes an asset test.

**777** · Today, 02:23 PM

Originally Posted by Bjauck

With respect to wealth - Not compared with other countries.

Stamp/Gift/Transfer Duties:
Uk, Aus, USA - Yes
NZ - No

CGT:
UK, Aus, USA - Yes
NZ - No

Estate Duties/Inheritance Tax:
UK, USA - Yes
Aus, NZ - No

Top Income Tax rate:
USA - 37%
NZ - 39%
Aus - 45%
UK - 45%

So in NZ for those with wealth in assets, there are no transfer duties, general CGT, or capital transfer tax. Plus, we have liberal settlor, with retained benefit, family trust law.

Who said it was about wealth? You guys just knock anyone who has got off their butt and done better than you.

But it may pay you to google inheritance taxes in the USA and look at the value they apply from.

Also work out where the tax on incomes becomes greater in Australia. Clue: It is somewhere just over $140,000. Also remember that GST in Australia is 10%.You should be able to find out what it is in NZ by asking someone.

UK have always over taxed their tax payers.

Also I am all in favour of a capital gains tax in NZ. I just don't want the left leaning twats to instigate it. It would be a cock up from day one.

**777** · Today, 02:26 PM

Originally Posted by Aaron

That is why I am saving and less successfully investing. Ideally I won't need a handout when I retire. If there is still national super in its current form available when I retire, then I will take it whether I need it or not. That is why I would like to vote for a strong leader/party that will do the right thing despite voter sentiment. That said no two people can agree on what is the right thing to do. It was just that the outgoing treasury CEO mentioned two things I agree with that no major party will even discuss got me in the mood to post.

I agree with you ynot, only cut for those that don't need it and set the level of assets and income quite high.

Yeah Dobby too difficult and costly to means test much like a capital gains tax was too complicated to implement. Better to do nothing and stick with the status quo. Obviously answering some questions in Aussie before receiving welfare is a lot harder than NZ's no questions asked approach, and in Aussie they actually save for their own retirement, although it is by legislative force.

777 if you are commenting on my post, if you equate success in life with receiving a taxpayer handout when you do not need it, then you might want to reconsider your definition of success as it does not match mine.

National Super is good, it is just too generous and possibly not affordable with the population aging. One thing that was discussed in this morning's herald article was structural deficits. The only way out of that is for govt to increase income or decrease spending. National appear to be decreasing both which won't get rid of a structural deficit.

As Bjauck points out, NZ is not exactly a country weighed down with taxes compared to some other more successful (on a GDP per head basis) countries. We are missing all the taxes on wealth not just capital gains, but gift duty, death duty etc etc. our tax system appears to be designed to ensure a widening of the wealth gap and places most of the tax burden on labour or entrepreneurs in business.

Aaron I am a boomer. You hate all boomers. Why should I discuss anything with you? Get a life.

**ynot** · Today, 02:30 PM

Originally Posted by 777

Aaron I am a boomer. You hate all boomers. Why should I discuss anything with you? Get a life.

I agree, but I will cut Aaron some slack. Just needs to sort out that chip on his shoulder.

**Panda-NZ-** · Today, 02:37 PM

Originally Posted by 777

Also I am all in favour of a capital gains tax in NZ. I just don't want the left leaning twats to instigate it. It would be a cock up from day one.

They hire public servant professionals on 300k to do it apparently (so presumably they are qualified or at minimum have to do something for that salary).

If it was done by the right it would have so many holes as to be ineffective. They only like raising gst.

**Aaron** · Today, 02:40 PM

Originally Posted by 777

Aaron I am a boomer. You hate all boomers. Why should I discuss anything with you? Get a life.

I don't hate boomers, some of my best friends are boomers.

There are a couple of things in NZ that do not seem right to me and obviously I am in a minority otherwise National and Labour would not be kowtowing to you and others who disagree with my views.

I think I can understand why you hold your views, just because I do not agree with them does not mean I hate you or anyone else for that matter.

Sorry you feel that way. My opinion on national super is not a personal attack on you or anyone else and it is a shame we cannot discuss the issue without people getting upset as it is one of the nations largest expenses.

It does not seem right if the following generations will not get the same benefits as the generations before them.

You are right on one thing though, if I was more successful, I would be less worried about these issues and my children and grandchildren's future but unfortunately, I do not have f*ck you money. I imagine if I did I would not give a sh*t about these things as I would be too busy planning my winter sojourn to the northern hemisphere.

**Bjauck** · Today, 02:48 PM

Originally Posted by 777

Who said it was about wealth? You guys just knock anyone who has got off their butt and done better than you.

But it may pay you to google inheritance taxes in the USA and look at the value they apply from.

Also work out where the tax on incomes becomes greater in Australia. Clue: It is somewhere just over $140,000. Also remember that GST in Australia is 10%.You should be able to find out what it is in NZ by asking someone.

UK have always over taxed their tax payers.

Also I am all in favour of a capital gains tax in NZ. I just don't want the left leaning twats to instigate it. It would be a cock up from day one.

Well, you did not say with respect to knocking what type of success was the Kiwi way. The Kiwi way is to tax income from personal effort relatively hard, but to treat more leniently those who inherit wealth or have real estate wealth, compared with other countries. However sure, they do have to get off their butt to visit their solicitor.

High rates of GST on everything including food hit the poorer more than the richer. It is a regressive tax.

Maybe you guys have a different definition for “got off their butt”.

**Panda-NZ-** · Today, 02:58 PM

Get off their butt and move to Australia, without the judgements from those who gain property price appreciation each year as their main wealth gain, instead of work or saving.

It's so hard owning these properties in Auckland *cries into silk napkin*.