they now could be stuck with the kind of tax the rest of us actually pay
Nah, they only have to pay 15% - but just listen to the whining about getting to keep 85% of the gains.
Misinformation has flourished since the CGT announcement, helped along by Farrar and co and faithfully rebroadcast by the credulous. Danyl debunks some of it.
Yeah, but 90% is even worse than the figures that were presented there.
Labour Capital Gains tax question #3:
Exemptions: The family home, personal assets, collectables, small business assets sold for retirement and payouts from retirement savings schemes, including KiwiSaver, will be exempt.
Labour supporters, here’s a chance to tell your story: what does the word ‘collectables’ mean to you, and why did you vote for the gains accrued from the sale of collectables to be exempt from taxation?
Why are collectables exempt?
Probably a typo...
I'm guessing it's a vestigial trace of Labour's Ohu collective scheme...
In October1974, the Labour Government announced the establishment of the ohu scheme for groups of New Zealand citizens willing to set up alternative communities or settlements in rural areas. Prime Minister Kirk said that the reasons for it were mainly spiritual and social - to reconnect people to the land and to give them a chance to develop alternative social models to everyday New Zealand society.
...those prime rural assets must be worth a fortune now!
meanwhile back in reality ...
- this protection will be the work of the quietly
all powerful art & antiques market lobby.
The last Hurrah of the Golden Hoarders!
Thanks a lot for that Ian, that’s an intriguing plot of history.
In October1974, the Labour Government announced the establishment of the ohu scheme for groups of New Zealand citizens willing to set up alternative communities or settlements in rural areas. Prime Minister Kirk said that the reasons for it were mainly spiritual and social
Very spiritual indeed, seeing as Kirk died on the last day of August 1974.
Pretty sure the ohu thing was from 1973. Things happened very fast in that fleeting time.