this post was submitted on 30 Sep 2024
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I'm sorry, NZ doesn't have captial gains tax??? Thanks backwards as fuck.
I mean, over here in Australia we give a 50% discount, which is already bullshit in my opinion, for assets held for at least a year, and waived for primary residences under a certain value (which is also bullshit, in my opinion. You'd be getting taxed on the gain only, not sure why living there somehow makes that capital gain special), but no capital gains at all? That's nuts.
Hey, hey, hey. This is New Zealand, we can't just bang another hole in the desert to get more money. We have to ~~steal generational wealth from the poors~~ (checks notes), buckle down and work hard; that is the way to get rich!
If you live in a place you cannot access the capital gain
If I were to sell my house I bought for ~$100k for $500k I would need that 500k to get an equivalent house
100% it's fucking insane. But welcome to the fucked up world of NZ tax discussions. The RW and the media pillory any discussion about introducing taxes while we have a massive infrastructure deficit and inequality