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New Zealand already has a capital gains tax – you may not know it | Instant News

Two University of Auckland researchers argue New Zealand already has taxes on its books that can be used to tax property investors. Photo / 123rf

Prime Minister Jacinda Ardern may waive the capital gains tax, but there is already a tax on books that can do the job.

This is according to two University of Auckland researchers, who say that the CB6 section of the Income Tax Act has existed since the 1970s but is not widely known because it is rarely enforced.

However – if given a simple change – it could be turned into an effective capital gains tax that targets the profits investors make when buying and selling homes, Michael Rehm and Yang Yang said in a new research paper.

They argue that the recent skyrocketing house prices have brought the tax debate back into the spotlight.

And instead of considering the new tax, CB6’s section already states that anyone who buys land with the intention of making a profit from resale must pay income tax on those gains, Rehm said.

The government has not enforced this in the past because they think it is too difficult to know the intention of the buyer when making a purchase.

But Rehm said his decade-long analysis of rental housing purchases in Auckland showed nearly all had incurred initial losses and counted on the gains on resale to be considered a wise financial investment.

“This cash flow based stuff is a complete dog,” he said.

“The only rhyme or reason you’re going to invest in property is that you expect to get some sort of payment in the end.”

That means investors can safely be said to be acting as speculators hoping for house prices to rise – and that has broader consequences for society, Rehm said.

Auckland’s average selling price has now jumped to $ 1 million for the first time in October, while national prices have also ballooned to new highs, the Real Estate Institute reported.

This kind of price hike has further transformed housing from where Kiwis seek refuge and raise their families to golden geese treated as egg nests, Rehm said.

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It has two problems.

This helps create a rift in society between the rich, those who own property, and those who don’t, Rehm said.

And that’s funneling billions of dollars of investment from KiwiSaver accounts, stocks and businesses into real estate, where it yields less broad economic benefits, he said.

Politicians across many of the political spectrum have expressed similar concerns over rising prices.

Labor, the Greens and even the Reserve Bank this week suggested broader taxes were needed to help curb rising house prices.

Investors are already taxed like capital gains in the form of what is called a bright line test.

First introduced by the National Government in 2015, it initially required property investors who sold homes within two years of purchase to pay tax on their profits.

In early 2018, the Labor-led Government then extended the bright line test to five years.

Last week, Treasury Secretary Grant Robertson asked the Treasury Department to investigate further extension of the bright line test.

But changing taxation policies is fraught with political risks, given that opposition parties now accuse the Government of canceling its promise not to impose new taxes.

Researchers Michael Rehm and Yang Yang from the University of Auckland's Department of Property.  Photo / Provided
Researchers Michael Rehm and Yang Yang from the University of Auckland’s Department of Property. Photo / Provided

The Minister for Housing and Labor Revenue did not answer questions about whether they would consider investigating or implementing Rehm and Yang’s suggestions.

The Inland Revenue said it conducted a “very similar” study in 2014.

“It was concluded that there is systemic evidence of the turnover rate of residential properties, which is higher than normal,” he said.

“However, identifying possible speculative activity based on analytics and having enough evidence to prove speculative behavior are two different things.”

Rehm admits – even though the CB6 section already exists – enforcing it politically is another matter.

“I am not naive, I know this is a bitter pill that any politician should throw,” he said.

“I’m just trying to show that there’s a solution that’s already in the book.”

Two University of Auckland researchers argue New Zealand already has taxes on its books that can be used to tax property investors.  Photo / 123rf
Two University of Auckland researchers argue New Zealand already has taxes on its books that can be used to tax property investors. Photo / 123rf

He said the enforcement of the CB6 section would be more thorough than the bright line test because there was no time limit and also thought the analysis behind his paper was thorough.

His team used a new method to identify 117,000 rental property purchases in Auckland between 2002 and 2016, he said.

To calculate the profitability of purchasing a lease, his team then weighed the costs involved in running the various properties – such as home loan repayments, property management fees, and maintenance costs – against the rental income.

The results were clear, he said.

Leased property investment almost always goes bad compared to comparable investments when capital gains are excluded, Rehm said.

That means everyone is speculating on expectations the price will go up, he said.

“We beat our chests and said speculation is bad behavior and it needs to stop,” he said.

“But nothing has been done to try to persuade people not to continue speculating.”


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NOSH Good Mood Food will bring the health food market to Geneseo | Business & Economics | Instant News

Tina Hernandez is the owner of a new health food shop in Geneseo, NOSH Good Mood Food.



GENESEO – Tina Hernandez’s philosophy is you pay for quality food now, or pay for bigger medical needs later.

She and her husband, Patrick Hernandez, are in the process of opening a health food market – NOSH Good Mood Food. One of the definitions of NOSH is eating enthusiastically and NOSH stands for natural, organic, specialty and healthy ingredients.

“I had to calm my excitement because I got very good responses from people who wanted to eat healthy, so I wanted to speed up the process so we could open a shop,” he said.

The shop sells all kinds of food, such as gluten free, organic, dairy free, vegan, natural; in addition to supplements, CBD, pet food, non-toxic cleaning supplies, personal and beauty items, essential oils and other holistic items, gifts and gift baskets.

“We’re going to launch with a curbside pickup and I’m working on the website right now,” he said. “Customers can order online, pay for it from the comfort of their own home and we will deliver it to their vehicle, to minimize contact and reduce risk.”

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“While the midst of a pandemic is a difficult time to start a business, it is important for NOSH to start and help people. Now is an incomparable time for individuals to build their immune systems and replenish their bodies with healthy food, “he said.


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Imran Khan will not spare anyone involved in corruption: Shahbaz Gill – Pakistan | Instant News

Published in November 19, 2020 18:33

Imran Khan will not spare anyone involved in corruption: Shahbaz Gill

GUJRANWALA (Dunya News) – Special Assistant to the Prime Minister for Political Relations Dr Shahbaz Gill has made it clear that Prime Minister Imran Khan will never compromise and will not let anyone involved in corruption.

Speaking at a press conference in Gujranwala, he said that if Nawaz Sharif’s daughter has to be given help, then all women should get it. He said that some journalists had gone to the court to ask permission to broadcast the fugitive’s speech, the judge said the law was the same for all fugitives. Journalist brothers shouldn’t go to court with such a petition.

The Special Assistant reiterated PTI’s commitment and said that everything that had been done in the past had to be accounted for. Fugitive Nawaz Sharif’s statement at the Gujranwala meeting was against Pakistan.

He said that those involved in corruption Billions of rupees had been arrested, now their backs hurt.

The special assistant said that the facilities only exist for one class in Pakistan. The Mafia has created various categories of people.

Mafia networks spread across the streets, villages. The Mafia has the family at its head. There are people like Rana Mashhood in category B and Pumi Butt in category C Mafia’s.

“Until a few years ago, I didn’t know who owned the gas station in Gujranwala,” he said. Khurram Dastgir has not responded to Dastgir Petroleum in Gujranwala to date. There are no records of 2 canals in the Dastgir Petroleum field found. Nawaz Sharif had made Khurram Dastgir king of Gujranwala.

Dr Shahbaz Gul said that Sharif’s family has occupied Ranjit Singh’s land. These people went into politics to occupy people’s and government lands. The goal of the Syarif family to enter politics is to earn money. In the future, we will bring one of the assistants, he added.


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GO NZ: An interesting alternative to popular attractions in New Zealand | Instant News

Stonehenge Aotearoa is a full-scale adaptation of Stonehenge – and a stargazer’s paradise. Photo / Stonehenge Aotearoa.

While previously redundant tourist destinations are becoming more attractive and accessible to the average Kiwi with international borders closed, that doesn’t mean we won’t be competing for space in the busy summer months. Everyone has the same agenda, which means it’s also time to consider alternatives. Of course, there are some experiences – like traversing the volcanic landscape of Tongariro Crossing, or having a cool drink at Hobbiton’s Green Dragon Inn – that just can’t be duplicated.

But others can. If you do a little research, you’ll find that many of New Zealand’s popular attractions have lesser-known partners and are often cheaper. Here are six close siblings of some must-do activities in the country.

Explore shallow hot pools on the fine black volcanic sand at Kawhia hot springs.  Photo / Sally Jackson.
Explore shallow hot pools on the fine black volcanic sand at Kawhia hot springs. Photo / Sally Jackson.

Dig your private spa in the sand

An hour south of Raglan, Kawhia is a quiet seaside village with a harbor full of peas, oysters and mussels. It’s also where you’ll find one of the lesser known hot spring beaches. (Yes, there is more than one.)

The drill is exactly the same as in the Coromandel. At low tide, drive to the end of Ocean Beach Rd, where you’ll find a black, soulless beach above. You have to bring your own shovel. Watch for signs of steam rising from the sand and start digging. Once you reach the hot springs of Te Puia Springs, soak in the knowledge that somewhere across the island, lots of people are screaming for the same thing.

Try one of the world’s best burgers

Oh, Fergburger. Even if you’ve never seen the queues for this Queenstown institution, you’ve probably read blog posts or articles all about the burgers: how juicy the meat is, how tender the bread is and how amazing it is. it’s open for almost 21 hours a day.

What they don’t get romantic about, however, is how long you have to wait in line. If you are too hungry to wait in line, all you need to do is head over to the Devil Burger. Offering a similar product, at the same price, that is what the locals are for.

Seeing kiwis anywhere is special, but conditions on Kapiti Island increase your chances.  Photo / Provided.
Seeing kiwis anywhere is special, but conditions on Kapiti Island increase your chances. Photo / Provided.

Find kiwi in the wild

Thanks to its remote location and difficult sea crossings to get there, Rakiura (Stewart Island) remains relatively flawless compared to other popular tourist destinations. However, it is still struggling under the load of attractive visitors; pre-pandemic, about 44,000 people were visited per year. That’s about 111 tourists for each resident.

The island’s main attraction is the rare opportunity to see kiwis in the wild. It’s home to around 13,000 of New Zealand’s 68,000 kiwi, and the subspecies that live here can sometimes even be seen during the day for insects by the beach.

The catch? If seeing kiwi is your only goal, travel long distances without the guarantee you’ll see it.

Alternatively, there are a number of fenced predator-free shelters on the North Island and South Island that offer nighttime kiwi tours, including Wellington’s Zealandia and Waikato’s Sanctuary Mountain Maungatautari. But the two hour tour presents a very limited window of time for viewing elusive birds, which is why it is so worthwhile to spend a night on Kāpiti Island.

This predator-free island is home to around 1,400 tiny looking kiwis, presenting one of the most reliable opportunities to spot them. Starting at $ 395 per adult ($ 230 per child), Kāpiti Island Nature Tours kiwi-sightseeing packages include transportation, accommodation in a glamping tent or cabin, and guided night tours.

Mount Aspiring National Park offers some of the most impressive walks in the country.  Photo / Provided
Mount Aspiring National Park offers some of the most impressive walks in the country. Photo / Provided

Hike one of New Zealand’s iconic walks

When Lonely Planet released its Ultimate Travel List earlier this month, 13 Kiwi destinations qualified, with Fiordland National Park topping the 29th position.Most visitors opt to take a boat tour through Milford Sound, but that area came first. undeniably the Milford Track. One of New Zealand’s 10 Great Walks, dubbed “the world’s best walk,” takes hikers through valleys carved by glaciers, past ancient rainforests and cascading waterfalls.

However, its reputation means it’s expensive (the hut costs $ 70 per person per night alone) and very difficult to book. Earlier this year, spots on track for the 2020-2021 season were almost sold out within 10 minutes of opening the booking system.

However, even though there are only 10 “Great Streets” in New Zealand, there are dozens of “great roads.”

The closest connection to the Milford Track is the Gillespie Pass Circuit, a 58 km loop best suited for experienced hikers with river crossing skills. Located near Mount Aspiring National Park, it also takes four days, reaches an altitude of 1,600 meters, and has serviced lodges along the way. And on publication, reservations are still available for the hut (only $ 20) during the holiday period.

On a Lake District Adventures nighttime kayaking tour, you'll paddle along the shores of Lake Karapiro to see glowworms.  Photo / Provided.
On a Lake District Adventures nighttime kayaking tour, you’ll paddle along the shores of Lake Karapiro to see glowworms. Photo / Provided.

Experience the magic of collecting glowworms

Waitomo is not the only place where large numbers of glowworms gather. For a cheap and fun version of the same, you can head to the DOC-run Waipū Caves in Northland, which are completely free to access.

If you don’t want to stray far from Waitomo and be in it for glowworms (not caves) sign up for the Lake District Adventures night kayaking tour ($ 109). On a four hour sunset excursion, you will paddle along the shores of Lake Karapiro. As dark falls, you’ll drift silently on the Pokaiwhenua Stream, your path only lighted by glow worms. The effect is very subtle, and with fewer people, your oar hitting the water is the only sound you’ll hear.

Stargazing in the Dark Sky Nature Reserve

Aoraki Mackenzie Dark Sky Reserve is an area known for its low levels of light pollution and many nights with bright stars. Currently, it may be the only one of its kind in the Southern Hemisphere – but it won’t last long. Wairarapa is currently preparing to become the world’s largest Dark Sky Reserve, a designation which is expected to come later this year.

This is where you can experience some of the most unique and personalized astronomy tours in the country. For example, Becky Bateman of the local Under the Stars will bring her telescope straight to your accommodation. Then there’s Stonehenge Aotearoa, a full-scale adaptation of Stonehenge. If you show up on Friday or Saturday at 8:30 p.m., you’ll have the opportunity to look through the telescope and learn how the structure works. General admission is $ 15.

For more New Zealand travel ideas and inspiration, visit newzealand.com


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The door is open for talks, no NROs for corrupt: Khattak | Instant News

Peshawar – Defense Minister Pervez Khan Khattak said Sunday that the government’s doors are open to negotiations with the opposition, but Prime Minister Imran Khan will never give the NRO to corrupt politicians.

Speaking at a public meeting regarding ANP activists Imtiaz Khan and Nawab Ali Khan joining PTI at Hakeemabad Labor Hall, Nowshera district, he said that Prime Minister Imran Khan had come out on a mission to eliminate corruption and would not come. under pressure from public gatherings and demonstrations of the Pakistan Democratic Movement (PDM) and the accountability process will continue.

The Provincial Minister of Manpower and Culture, Shaukat Ali Yousfazai, Chair of the NA Standing Committee on Energy & Natural Resources Dr. Imran Khattak, PTI candidate from PK-63 Nowhera, Mian Omar Kakakhel, provincial president of Motahida Labor Federation Mohammad Iqbal, Ishaq Khan Khattak, Firasat Khan, Malik Ibrar, Amjad Azam alias Quaid-e-Azam and PTI Secretary General Rasa Saeed Babar also spoke at the meeting. the public meeting.

Pervez Khattak said that Prime Minister Imran Khan’s public meeting is scheduled for November 21, on the occasion of the groundbreaking ceremony of the Rashakai Economic Zone under the China Pakistan Economic Corridor (CPEC) will prove the final nail in the coffin of the opposition alliance.

The defense minister said the opposition’s narrative had unfolded before the nation and even the political party PDM had rejected the narrative of former prime minister Nawaz Sharif and now even his daughter Maryam Nawaz has taken the opposite action.

Pervez Khattak said Prime Minister Imran Khan was a glimmer of hope to bring the country out of the crisis. He said that the PDM does not have constitutional and democratic rights to overthrow the democratically elected government.

He said that the country was going through a critical period and the anti-state forces were busy hatching a conspiracy to destroy the country and in such situations babble insulting the opposition was unacceptable.

He said that patriotic political parties and their national and provincial council members stopped supporting the PDM and a large number of PML-N-affiliated MNA and MPA disagreed with Nawaz Sharif’s narrative.

He warned India against its attempts to harm Pakistan because our military is the world’s best power and our efforts for peace should not be viewed as our weakness. He said the Pakistani Army had responded accordingly to India on 27 February 2019 by shooting down two of its planes.

The defense minister assured workers that Prime Minister Imran Khan’s entire concentration was on workers, farmers and the poor and wanted to spend maximum resources on poor segments of society.


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