Here is an article from the Accountants perspective. Do you agree? Or disagree?
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Hi @chris-newkids. We feel this would be a foolish decision if made now. The current market cycle tells us that most NZ residential markets are still in a stalled, or very, very slight recovery mode (Except places like LakeTekapo) and a capital gains tax would just slow or stop the marketplace from recovery.
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I think we are already over taxed in NZ. But would such a tax help our youngsters buy a home easier?
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No definitely not. The residential market does not need to take further hits. In my onion the New Zealand property and construction economy need turnover (building, trading, buying, selling, renovating) thus ensuring small business owners (trades and suppliers) survive in this current market.
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What you need to know: Seven questions about a capital gains tax