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Govt won’t prioritise any Tax Working Group environmental tax proposals

So, no Capital Gains Tax to rule them all, not even a wafer-thin mint partial extension of the existing bright-line test to cover all residential investment property/holiday homes.  I’m almost certainly not the only one who didn’t see that coming. The other big surprise for me is the decision to not prioritise any new environmental […]

The other tax recommendations the government ignored

Perhaps the Tax Working Group was fatally compromised from the outset when the taxation of the family home was excluded from its terms of reference. My view is that too often proponents of a capital gains tax default to arguing the difficulties and are therefore on the back foot from the outset. Even so, the decision to […]

Farm view, rows of vines, Adele Payman

Will there will be one Capital Gains Tax to rule them all?

In case you’ve not heard, the big news this week is the start of the final season of Game of Thrones.  Oh yes, we also should hear which of the Tax Working Group’s recommendations the Government proposes to implement. Judging from media commentary over the past few weeks “Winter is coming” would not inspire as […]

Google Tax search, search results for tax, Google Tax

How to focus Facebook and Google on cleaning up their mess? Tax them

Imposing a Digital Services Tax will concentrate the tech giants’ minds on their woeful response to the Christchurch massacre. What to do about Facebook, Google and Twitter’s reprehensible failure to stop the live-streaming of a terrorist atrocity and the dissemination of vile images? How about a 20% Digital Services Tax, for starters – effective as […]

NZ tax on gambling, sky city GST,

Huge tax risks for SkyCity with offshore online gambling venture

SkyCity’s moves to set up an offshore online gambling subsidiary throw up a huge range of questions about just how tax should work in the digital age, writes tax consultant Terry Baucher. The news that SkyCity is voluntarily paying perhaps as much as $40 million in “tax” sounds like someone actually took seriously the remark “Well if […]

Ten years, CGT in NZ,

Taxmageddon! Is there a tax monster on the loose?

When hearing the lamentations about the purported cost and harshness a capital gains tax (“CGT”) will bring, I think of Paul1. Dying of cancer he applied to his UK pension scheme for an early payment.  Paul died before it arrived, but his widow still got to pay the tax on the transfer. I am reminded […]

Tax working group, TWG report, NZ Tax,

A taxing year looms

The year ahead in tax will be dominated by this week’s release of the Tax Working Group’s final report.  The TWG is expected to recommend the introduction of a realisation based capital gains tax to close a perceived major gap in New Zealand’s tax system. The coming debate over CGT will almost certainly drown out […]

Terry Baucher, Tax Expert NZ, Fiscal Drag

TVNZ interview on Fiscal Drag

Summary of points made by Terry during this 5 minute interview [link to watch]. The trouble with Fiscal Drag as you cross a tax bracket and it’s not adjusted for inflation and so  reduces your take home pay. All the tax brackets need to move up as they haven’t changed since 2010. On an inflationary basis […]

Will the TWG resolve an intractable issue politicians have endlessly kicked down the road?

Capital gains tax is the New Zealand equivalent of the Irish Border in Brexit: An intractable issue which politicians have kicked endlessly down the road without resolution.

Plucking the goose or how to find a billion dollars a year without hissing

Terry Baucher details how the previous National-led government appears to have successfully raised at least $1 billion of extra revenue annually with little or no fanfare..