Savers in for $250m tax gain

Wednesday 17 November 2004

Savers could be about $250 million a year better off under sweeping changes to the tax treatment of investment income foreshadowed yesterday.

By The Landlord

Finance Minister Michael Cullen indicated broad support for most of the recommendations of independent adviser Craig Stobo.

Stobo's job was to see if a consensus could be found for cleaning up an area of tax law known for distortions and inconsistencies.

Cullen said no decisions had been made as yet.

The Government's position would be spelled out in next year's Budget because of the significant cost in lost revenue - a rough estimate was $250 million a year.


But Cullen is on record as supporting scrapping the capital gains tax on share trading profits made by managed funds used by superannuation schemes.

Read More - Opens in a new window
Commenting is closed

Property News

Major industrial development powers on

It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.

Commercial

Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer