ABCDiamond

Heard on the TV news yesterday, whilst interviewing Wayne Swan about his big tax review, which in his words will be: "The biggest tax Review in 50 years"

They are apparently looking into removing the Capital Gains Tax concession from the family Home. Meaning we pay tax on the gain when we sell and move house.

We all believe what the news reports don't we ?

They are also looking at increasing Tax rates to recoup what they are now giving us.

MrCro

struth, that would kill the housing market and economy!

be good for those of us still in UK waiting for exchange rate to improve.......................$4 to the £?????

As a builder would kill my job too, people dont mind spending $50k if property increases by $60k = $10k profit.

But if that was taxable who knows!?

quoll

Strewth indeed!

Wonder whether there will be a date like there is on other CGT assets. Ours will cost a fortune in tax should we ever sell it! Perhaps look for a new inheritance tax as well.

jad n rich

Ive been waiting for the little things this gov will have to do to cover all the handouts and debt they propose to ring up.

That would be Rudds one way ticket to a boot up the ass at election time, even from his faithful flock of bonus recipients, his popularity went up to 70% after the last handout, that might be reviewed when the avg aussie home owner realises selling their home will mean a bill of possible hundreds of thousands of tax.

Tax for high income earners is already pretty bad, I guess a lot will simply ship out for greener grass leaving Krudd with a country of penioners and battlers with a hell of a long wait for the next bonus

I seriously think even if people didnt likeHoward, Costello rang rings round Swan as a financial manager.

ABCDiamond

House prices would drop rapidly as everyone left Australia....

To even "consider" such a plan... defies belief ...

Is there any country in the world that does that ?

jad n rich

The cries of "" Great Australian Dream "( owning a home ) OMBG can you imagine the media getting a hold of this rumour

Tonight on a Current Affair ......

ABCDiamond

It was Ch 7 that I heard it on.

bridie

Madness..... although wouldnt affect us as I've said we are NEVER MOVING AGAIN, EVER, EVER, EVER after the last nightmare.

Mind you, I also said that when we bought our house together in the UK and look what happened!!

pumpkin blossom

I wonder if they would pay you money if you sold at a loss?

renth

It's called a capital loss and you can carry it over to any year to offset a capital gain.

I can't see it happening though, it would be much too unpopular.

OzSheila

Some years ago the Kiwis considered taxing the increase in value of one's principal place of residence on an annual basis To my knowledge it didn't eventuate.

Petals

I cannot see that happening that is just a feel what the public think type statement.

We already pay capital gains tax on our homes if we sell them under 12 months.

Another capital gains tax loophole is that if you buy a block of land you have to build on it within a certain time otherwise you will be charged capital gains tax when you sell. Forget what the period is but an accountant would be able to advise.

In Japan they look at it as honourable to pay their taxes we should take a leaf out of their book after all we all use things that taxes provide and whinge about them when they are not up to scratch as well.

wanderingwombat

A previous Treasurer by the name of Pall Bearer had a similar brain fart. His idea was remove the tax benefits from owning residential investment properties. It had something to do with the inequality of the workers making the rich richer.

The idea was completely successful until he made the announcement and his own political colleagues realised just how much it would personally cost them at tax time.

Never mind the mums and dads invester.

The whole scheme was quietly dropped ..........

Personally, I dont have a problem with Capital Gains Tax on those who exploit the system by regularly buying/selling their home just to make a profit.

For families who have owned through a number of generations what has now become an inner-city home , such a tax is grossly unfair.

WW

Geelong Gent

Have you any met Costello? or worked with him?

Your opinion would change and I would not have him balance my cheque book let alone my petty cash tin.

Geelong Gent

But capital gains tax on family homes in NZ has been around for over 20 years.