reverse to remove tax deductibility of interest
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| 1 | please sign this petition to show your support: Reverse decision to remove tax deductibility of interest for landlords. Please let more people know about it. Link is here: smallbird - 2021-03-26 10:27:00 |
| 2 | Nah leave it. Let them pass the cost onto tenants. mone - 2021-03-26 10:34:00 |
| 3 | You do understand that no one apart from landlords actually cares about this? Watch out retirees...you are next in the line. The massaging of public opinion is well and truly on the way to that too...'greedy oldies', 'boomers' etc. What is the old saying...'first they came for...' rose2004 - 2021-03-26 10:41:00 |
| 4 | My poor kid just started Uni to rent with flat mates in Auckland. Their landlord is a normal family saving and investing for retirement. Now they are both screwed. The government can stabilize the market by working with Reserve bank by introducing 80-90% LVR to target residential market only but they choose "no claim of interest" to get more tax and maximize their "interest" and empower themselves more. Both landlords and tenants are loser. I doubt whether they will provide more" subsidy" for student? Can they do this without cost and efficiently? Actually the best thing they can do is "don't do this" and find another way! smallbird - 2021-03-26 10:45:00 |
| 5 | rose2004 wrote:
This is the reason why people need to sign this petition to let their voice to be heard as well. We are a nation of democracy not dictatorship. we apply "rule of law" not "rule by law"! smallbird - 2021-03-26 10:50:00 |
| 6 | The traditional (cheap) student hovel is a goner. Only students with the support of wealthy families need apply. apollo11 - 2021-03-26 10:57:00 |
| 7 | Rent freeze is coming. They do that in North Korea and Cuba. Landlords refuse to improve/maintain houses and turns into slums. Property developers stop building new rentals and less supply means more housing shortage and high prices. And long term tenants have no incentive to change careers/city or work towards buying their first home. mone - 2021-03-26 11:00:00 |
| 8 | apollo11 wrote:
I mentioned elsewhere the 2 bedroom flat near Wellington CBD that had 14 beds and mattresses crammed in. Some of the occupiers were home when our tradie went there, all young men, all one ethnicity. So halve the rent payable by doubling up occupiers? Not sure what rent divided by 14 would be but pretty cheap. Win for tenants. artemis - 2021-03-26 11:03:00 |
| 9 | smallbird wrote:
No thanks, complete overreaction. Get busy, get your accountants to check that this will actually affect you in the way the 'screamers' are portraying. Also while you are discussing things with your accountants find out how non - scary it is to build a new dwelling for rent and then you will be doing something to help increase the housing stock. Also check to see that if you could do more R & M on your housing investments as this is tax deductible and will improve the existing housing stock & tenants lives. We have not had mortgages on our rentals (2) for at least 5 years and the so no interest to deduct and so far the sky has not a fallen in. We find that if we have to pay tax then ce la vie....you make provision for it. End of story. shanreagh - 2021-03-26 11:17:00 |
| 10 | This message was deleted. puddleduck00 - 2021-03-26 11:21:00 |
| 11 | puddleduck00 wrote:
Yep got it in one puddleduck00. The other option is to invest in NZ companies that are doing things, even building companies then you can get a piece of the action. Start small investing on the supermarket by using Sharesies. Edited by shanreagh at 11:29 am, Fri 26 Mar shanreagh - 2021-03-26 11:28:00 |
| 12 | shanreagh wrote: I invested in the supermarket but all I got was a 6 pack of Panhead Supercharger. Cursing myself as I was going to buy Gamestop yesterday but procrastinated and today they gained 50%...! Edited by sparkychap at 11:37 am, Fri 26 Mar sparkychap - 2021-03-26 11:34:00 |
| 13 | sparkychap wrote:
OMG - I heard of someone that played Sharsies, but all they got was a case of Super Gonorrhea. PS - Speaking for a friend. Honestly. desi1969 - 2021-03-26 11:45:00 |
| 14 | For when normal gonorrhea just won't do. apollo11 - 2021-03-26 11:47:00 |
| 15 | apollo11 wrote: Notice that the names of the anti-biotics for STDs end in "my sin". So Desi tells me anyway. sparkychap - 2021-03-26 11:54:00 |
| 16 | Quite! I looked at the word and thought 'what's the matter with that word?'....sharemarket for sharing in many super things...... shanreagh - 2021-03-26 11:56:00 |
| 17 | sparkychap wrote: apollo11 - 2021-03-26 11:58:00 |
| 18 | apollo11 wrote:
Oh no, Sparky being trying to convince you of that too, Apollo? desi1969 - 2021-03-26 12:03:00 |
| 19 | desi1969 wrote: apollo11 - 2021-03-26 12:15:00 |
| 20 | apollo11 wrote: Just need to pop down to KMart for a vase for the car keys. sparkychap - 2021-03-26 12:17:00 |
| 21 | After doing the following RAG, (rough as guts), calculation, I can see why some landlords are not happy with the new rule of not being able to "expense" mortgage / loan interest. Currently in order to pay a $100 interest payment you need to collect $100 from your tenant, by way of rent.. but now for the same $100 payment you have to collect $150 in rent, pay tax on it and then give the remaining $100 to the bank !! (this assumes your tax rate is 33%) It seems like one of the perils of being too highly leveraged! onl_148 - 2021-03-26 12:21:00 |
| 22 | onl_148 wrote: apollo11 - 2021-03-26 12:25:00 |
| 23 | I will sign it only if owner occupies are allowed to deduct interest from there yearly tax bill. Why should only investors / speculators be allowed? ian1990 - 2021-03-26 12:29:00 |
| 24 | apollo11 wrote:
Of course, a rising tide and all that. artemis - 2021-03-26 12:40:00 |
| 25 | ian1990 wrote:
Not a bad idea as long as owner occupiers pay income tax on imputed rent. A 10 year bright-line test for owner occupiers would work well. An alternative would be to remove interest expense from all businesses. That would be fair. Have to level the playing field after all, the Prime Minister said so. artemis - 2021-03-26 12:46:00 |
| 26 | Why don't you start another one to remove GST and Income tax. That would get a lot of support. But make sure you have a plan for the Govt to balance the books, that for your original proposal as well. tony9 - 2021-03-26 15:01:00 |
| 27 | tony9 wrote:
So the aim of this CGT is to balance the government books? Treasury and IRD's opposition to Labour's plan would disagree with you. Edited by loose.unit8 at 3:05 pm, Fri 26 Mar loose.unit8 - 2021-03-26 15:04:00 |
| 28 | smallbird wrote: that’s funny never seen you post around here before. And no I won’t be signing it. I want my kids to be able to turn up to a house sale and put an offer in fairly and squarely without having to go up against someone who can claim all the expenses of the property back against the tax they pay when my kids cannot. If we want to talk about ‘fair’ and ‘human rights’ then it’s the young New Zealanders who are the ones who should be the ones doing a petition. This whole article is hilarious. Read the comments. If people think that most people don’t support this move then WRONG. This is where the war of the demographics starts to take place. Some people who have had it far too good for far too long are going to have to accept they are losing their power block. lakeview3 - 2021-03-26 16:02:00 |
| 29 | Oh and yes, take it to air bnb as well. As mr gentle so rightly points out, there are over 1000 in Rotorua alone. THAT and the fact people like mr Gentle own all the low end housing stock is WHY rents are unaffordable and houses are overpriced. lakeview3 - 2021-03-26 16:04:00 |
| 30 | This message was deleted. kittycatkin - 2021-03-26 16:16:00 |
| 31 | The government should immediately implement a rent freeze. lakeview3 - 2021-03-26 16:20:00 |
| 32 | This message was deleted. kittycatkin - 2021-03-26 17:05:00 |
| 33 | lakeview3 wrote: apollo11 - 2021-03-26 17:16:00 |
| 34 | apollo11 wrote: good idea! lakeview3 - 2021-03-26 17:17:00 |
| 35 | lakeview3 wrote:
I think its entirely reasonable to claim the expenses of a business back against tax. I claim a % of my mortgage interest payments. heather902 - 2021-03-26 17:33:00 |
| 36 | I don't know what the landlords are complaining about their only paying half as much tax more on no interest claim than they will when when the interest rates double. ash4561 - 2021-03-26 17:42:00 |
| 37 | lakeview3 wrote: orphic1 - 2021-03-26 17:42:00 |
| 38 | heather902 wrote: if you think it’s fair for a property investor who can claim back expenses or offset tax to bid against a young couple at a house auction, that says everything about you. Perhaps you cannot see that is unfair????The young couple is up against it, they are in a lose lose situation. Sure they may get the house but they will have to pay so much more to get it. lakeview3 - 2021-03-26 17:52:00 |
| 39 | orphic1 wrote: I am ignoring your posts from now on, unless of course you want to make some contribution to the discussion? lakeview3 - 2021-03-26 17:52:00 |
| 40 | lakeview3 wrote:
Since when did you start bleating on about the tax aspect? since yesterday. heather902 - 2021-03-26 18:00:00 |
| 41 | heather902 wrote: if they can’t afford it then they shouldn’t have bought it. Edited by lakeview3 at 6:03 pm, Fri 26 Mar lakeview3 - 2021-03-26 18:03:00 |
| 42 | lakeview3 wrote:
But they could afford it until the tax rules have been changed. I personally think the rental stock in Auckland will dwindle quite rapidly. Without being able to offset expenses the appeal is about zero to own rental property here with the high purchase price, particularly with a very real prospect of very slow if any capital increase. heather902 - 2021-03-26 18:12:00 |
| 43 | heather902 wrote: so what if the Rental stock dwindles. We have had these sorts of threats from property investors before. At least then more people will be able to buy. Furthermore Bill gates had just announced that the pandemic is ending at the end of next year, so we may as well use the motels until then ???? lakeview3 - 2021-03-26 18:19:00 |
| 44 | lakeview3 wrote:
Have a little think about that... If demand for property reduces, and that's no threat from many investors, it a real problem if they don't have the cashflow to hold onto investments. so prices will fall. great. But I also think that likely will translate into less houses being built in the private sector. The buyers have to be there and have to have the funds ready. heather902 - 2021-03-26 18:25:00 |
| 45 | shanreagh wrote: its the tax deductions that got us in the sh...it right across the borad .i want the govt to stop social welfare to people who rent , lets stop the govt buying house's for landlands robertchestnut - 2021-03-26 18:30:00 |
| 46 | lakeview3 wrote: orphic1 - 2021-03-26 18:34:00 |
| 47 | heather902 wrote: prices will fall? Good. I certainly don’t think my house is worth what they say it is - it’s all BS. lakeview3 - 2021-03-26 18:52:00 |
| 48 | orphic1 wrote: who said I complained? Might have been someone else who has also noticed your behaviour and personal comments directed at me. Seriously what is your problem. Discuss the topic and leave out the personal attacks. lakeview3 - 2021-03-26 18:53:00 |
| 49 | If the government was serious about making it easier they would do as is done in the US and allowed every mortgage holder to deduct their interest cost from their income when completing their tax return. Rents wouldn't rise as the accommodation provider business tries to cover this unexpected cost; lower income households who own will get back a significant chunk of their housing costs, sure so will higher income earners but that frees up money to spend in the economy or invest elsewhere; it might make it more affordable to someone to buy who has been sitting on the fence because they don't have enough margin to feel comfortable. Edited by hers.nz at 11:25 am, Sat 27 Mar hers.nz - 2021-03-27 11:25:00 |
| 50 | A petition will change nothing. They already knew who would object when they announced the changes. sweetgurl108 - 2021-03-27 19:21:00 |
