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Thread: Property in NZ

  1. #51
    Senior Member 1101's Avatar
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    Default Re: Property in NZ

    Its quite simple.
    Any house you dont live in is an investment & taxable.
    If you own more than 1 house , its an investment and is taxable.

    The laws are allready there for the IRD to tax houses bought to make profits on sale . They simply dont follow up .

    Trying to ban investors from housing wont solve the housing issue . It will mean less rentals and worsen the housing shortage .

  2. #52
    Old dick-head
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    Default Re: Property in NZ

    Quote Originally Posted by 1101 View Post
    ...Trying to ban investors from housing wont solve the housing issue . It will mean less rentals and worsen the housing shortage .
    No it won't. Less rentals, sure but more homes for first home buyers.

  3. #53
    tweakedgeek tweak'e's Avatar
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    Default Re: Property in NZ

    Quote Originally Posted by 1101 View Post
    Its quite simple.
    Any house you dont live in is an investment & taxable.
    If you own more than 1 house , its an investment and is taxable.
    no,
    ALL homes are an investment and therefore should be taxable.

    the issue is not just about investors or mum and dads that own a 2nd home. one part of this very complicated issue is that everyone uses their homes to make money.
    this is why no govt will ever fix nz housing. kiwis are simply hooked on it and will vote out anyone who dares screws with their income.
    Tweak it till it breaks

  4. #54
    Wrinkly Member! B.M.'s Avatar
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    Default Re: Property in NZ

    Why oh Why do so many of us “Kiwi’s” keep trying to reinvent the wheel?

    The answer to almost all our problems can be found in Australia.

    Their Infrastructure, Cost of Living, Tax, Wages, and so on, make us look bloody stupid.

    Personally, I think we should ask them nicely if we could become a State of theirs.
    Global Warming is Mann made.
    .
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    The government cannot give to anybody anything that the government does not first take from somebody else.

  5. #55
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    Default Re: Property in NZ

    Quote Originally Posted by tweak'e View Post
    no,
    ALL homes are an investment and therefore should be taxable.

    the issue is not just about investors or mum and dads that own a 2nd home. one part of this very complicated issue is that everyone uses their homes to make money.
    this is why no govt will ever fix nz housing. kiwis are simply hooked on it and will vote out anyone who dares screws with their income.
    We built our home to live in and raise a family, nothing to do with investment.

    Our pigeon pair have left the nest, but we still live in it.

    Like start-up companies who require capital and issue shares, we took up the offer in Canterbury Timber Coy way back when they processed wood chips from the forestry felling, to make pinex flooring.

    We had the benefit of dividends (taxable of course), they were taken over in short course by NZ Forest Products, can't remember if there was a capital profit or not, no tax paid on that.

    Another company was in oil exploration in Taranaki, no dividends and that company folded, no capital loss claim here.

    lurking.

  6. #56
    tweakedgeek tweak'e's Avatar
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    Default Re: Property in NZ

    Quote Originally Posted by Lurking View Post
    We built our home to live in and raise a family, nothing to do with investment.

    Our pigeon pair have left the nest, but we still live in it.

    Like start-up companies who require capital and issue shares, we took up the offer in Canterbury Timber Coy way back when they processed wood chips from the forestry felling, to make pinex flooring.

    We had the benefit of dividends (taxable of course), they were taken over in short course by NZ Forest Products, can't remember if there was a capital profit or not, no tax paid on that.

    Another company was in oil exploration in Taranaki, no dividends and that company folded, no capital loss claim here.

    lurking.
    thats awesome, pity the rest of the population don't do that.
    i worked on many homes that where flipped including new homes.
    if i remember right kiwis on average only keep a house for 7 years. in usa its 14 years afaik.

    if they magically took away the ability to make profit on housing, i think you would see a massive change in kiwi culture. eg start building homes not houses, investing in companies etc.

    the problem is getting govt to do it as they will never ever do it on their own.
    Tweak it till it breaks

  7. #57
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    Default Re: Property in NZ

    Quote Originally Posted by tweak'e View Post
    thats awesome, pity the rest of the population don't do that.
    i worked on many homes that where flipped including new homes.
    if i remember right kiwis on average only keep a house for 7 years. in usa
    its 14 years afaik
    .
    if they magically took away the ability to make profit on housing, i think you would see a massive change in kiwi culture. eg start building homes not houses, investing in companies etc.

    the problem is getting govt to do it as they will never ever do it on their own.
    Are you saying home owners or speculators' here

    We were close to most of the needed facilities, schools, shops, mother-in-law (baby sitting), work was close until the big fire and they re-built out in Hornby, gave me a
    company car which helped.

    lurking.

  8. #58
    Senior Member 1101's Avatar
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    Default Re: Property in NZ

    Quote Originally Posted by Lurking View Post
    We built our home to live in and raise a family, nothing to do with investment.

    .
    Yes .
    I bought my home so I would have somewhere to live . If I sold it I'd have to buy another to live in.
    I cant make money off my only home , because I'd have to replace it if sold .

    Family homes are places we buy to live. Thats the primary reason for buying a 1st house . Security and stability & getting away from the rental market .
    Chances are I'll die in my house , so when does that 'investment' profit come into play for me ?

  9. #59
    Senior Member 1101's Avatar
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    Default Re: Property in NZ

    family home, where you live : primary function is a place to live in . So no tax on that .

    owning 2nd, 3rd, 4th house : primary function is to make a profit . Otherwise why would you buy it. So that needs to be taxed

  10. #60
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    Default Re: Property in NZ

    Quote Originally Posted by 1101 View Post
    Chances are I'll die in my house , so when does that 'investment' profit come into play for me ?
    That's an interesting one, our father died back in 1975 and we left the house in the care of 2 brothers, on the death of the older brother, the house was sold to my grand niece at a paltry sum and the other brother went into aged care, so there would be a capital loss for sure.

    lurking.

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