Capital Gains Tax in New Zealand
Should have done it years ago.
There’s too much emphasis here on buying a house and it’s hard not to see why, there’s just too much money to be made, or lost if you’re stuck renting.
I don’t blame people for investing in property one bit when their gains aren’t going to be taxed, and houses appreciate so much, but I would like them to think more of investing in places that are better for everyone, not just the individual.
The capital gains tax, although it excludes the family home, which it shouldn’t, should go some way in incentivizing more investing in businesses that actually make the country money, and who knows, maybe even businesses that do some good for the environment.
As it currently stands, for someone like me thinking of returning to NZ, I’m extremely put off by the already high cost of living, let alone having to pay more than half my pay in housing alone. I imagine there would be a lot of other people in the same boat.
The problem is that New Zealand knows how good the quality of life is here, and they have a good education system to boot (compared to Japan at least), so they have a lot going for them. I guess all it really means is that we have to be smart about moving here if and when we do.
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