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Maybe the answer is a capital gains tax?

Thursday, February 9th 2006, 7:52PM

by Philip Macalister

The government's plans to change the way offshore investments are taxed appear to be turning into a shambles.

We've gone from things like risk-free rate of return right through to something that taxes investors on an earnings per share basis.
It is clear a huge amount of work is going into this and I understand from some sources that the officials have gone done a number of routes and ending up finding they were cul-de-sacs.

However it seems that time is running out and a solution isn't clearly imminent. Maybe there is no simple answer - other than a capital gains tax?


Now I am not advocating a CGT, but the idea of a CGT, or avoiding one, has become a fixation of the government.
As it's often said no government would be politically brave enough to introduce one, especially in this environment where many in the nation are rooting for tax cuts.

My observation - which is shared by others - is that the government is dead set keen to make sure its new proposals aren't seen, or construed, as a CGT. (Look how National finance spokesman keeps trying to make political capital by calling it a CGT or a new tax).
If that becomes its underlying objective, then I am sorry to say whatever comes out of it will fail.

What I want to see are changes made to tax on New Zealand investments, as proposed, and a regime that is simple and investors can understand.

Ministers say the changes to New Zealand and international tax regimes will be introduced together rather than separately. I'm not so sure that will be the case.

If you would like to comment on this Blog then email your thoughts to Blog@goodreturns.co.nz as the comment function has been turned off due to spammers - the bastards.

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
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ASB Bank 8.64 7.24 6.79 6.65
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
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Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
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SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
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Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
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TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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