OnPoint by Keith Ng

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OnPoint: Easy as 1, 2, 22.8 billion

208 Responses

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  • Islander, in reply to BenWilson,

    Hey, you wanna a story about my mother’s brother & *his* Zephyrs?!

    Nah, not going to enhance the stereotype (but they were seriously nice cars.) My late great phantabulous uncle B also had a thing for Chrysler Valiants - you know when your family trusts you? They lend their NEW cars to you, so you can get home for a couple of days...)

    I was 18, it was down Marine Parade, North Beach to New Brighton, and I loved it!

    Big O, Mahitahi, Te Wahi … • Since Feb 2007 • 5643 posts Report Reply

  • Steve Barnes, in reply to DexterX,

    What a load of codswallop.

    It was actually a serious question, one that was, obviously beneath you superior intellect. Or are you a fan of Deborah Coddington and you meant it as a compliment?
    Hard to tell really.

    The wireless north ;-) • Since Dec 2006 • 4613 posts Report Reply

  • Ian Dalziel, in reply to Joe Wylie,

    ...once known in the trade
    as the Hillman Hump.

    ...that's a super snipe!
    ;- )

    <edit> I see Islander has already introduced the car version - I love those early 1938-40 models remind me of an old Rover 12 I used to have, running boards and wind out front windows and everything - spent much of my sixth form year cruising round the summit road and peninsula when we shoulda been in class - I thought I was in Class...

    Christchurch • Since Dec 2006 • 4555 posts Report Reply

  • DexterX, in reply to Steve Barnes,

    Deborah Coddington - shit - I thought you were she, here in aspirational disguise:

    > "It is long past time for people who choose to live in this country stop their servile acceptance of glibly strung-together negatives about New Zealand. Kiwi modesty is fine, but self-flagellation with nihilistic criticism is simply a waste of time.

    Seems to me like a similar codswalloping going on.

    Auckland • Since Nov 2006 • 1174 posts Report Reply

  • mattgeeknz,

    Something I don’t understand: why a capital gains tax on the sale of an investment property incentivises people to invest in the productive sector, when the sale of shares or a successful business would be subject to a capital gains tax also. Seems like your capital gains are taxed at the same rate no matter where you invest, whether it’s 15% or 0%. If you were an kiwi investor and there were no difference in the rate at which capital gains were taxed, wouldn’t you just stick to what you know, i.e. property?

    Ignore me. This was thrashed out on one of Keith's earlier posts.

    Wellington • Since Mar 2010 • 22 posts Report Reply

  • Islander, in reply to DexterX,

    Urm - DexterX?
    You do know the meanings of codswallop?
    Dictionary & local?
    Dont you?

    Big O, Mahitahi, Te Wahi … • Since Feb 2007 • 5643 posts Report Reply

  • DexterX,

    On asking Max Cryer

    Yeah it comes from Hiram Codd, a British soft drink maker of the 1870s, who promoted drinks in a Codd-neck bottle, the terms codswallop is a derisive term for soft drinks by beer drinkers.

    Wallop is an early slang for beer.

    The initial derivation of he term has nothing to with a codpiece, what is kept underneath it or giving anything a walloping. If this implication is taken it is historically wrong and not what was intended.

    Auckland • Since Nov 2006 • 1174 posts Report Reply

  • 3410,

    On asking Max Cryer

    At the age of about seven or eight, I wrote Max Cryer a letter complaining that he had incorrectly marked a contestant's answer wrong, and that the loss of the unjustly forfeited points had, in fact, cost that contestant the match.

    He wrote back to say that, yes, they'd been made aware of that fact, but that since that had happened only after shooting was completed, there was no way to fix it. Somewhat disillusioned was I.

    Auckland • Since Jan 2007 • 2618 posts Report Reply

  • Steve Barnes,

    So, how is the abolition of Gift Tax going to affect all this come October 1st?.
    Does this mean that there will be an increase of “Nest Feathering” and a bloating of family Trusts?. If the top tax rate exceeds the trust tax rate I can see this as being a “way out”
    for the “Haves and Have mores”. CGT will become a toothless hag as the Trusts will not “see” the capital gain if the gift is completed before the sale of assets.

    The wireless north ;-) • Since Dec 2006 • 4613 posts Report Reply

  • BenWilson, in reply to Steve Barnes,

    Jesus, gift duties AND estate duties abolished? What a great leap backwards. And I say this as someone very likely to benefit from both. I hadn't realized things had got so bad in this country that the idea of unfettered inheritance had made a big comeback. I can't think of anything - anything more likely to increase the class gap, other than perhaps a reintroduction of indentured servitude.

    Auckland • Since Nov 2006 • 8305 posts Report Reply

  • DexterX, in reply to Steve Barnes,

    With regard to CGT - if it comes in it will operate as it is intended whenever it is passed into law.

    As for toothless hags, nest feathering, and have and have nots - Sweet Zombie Jesus what are you on about.

    It is called Gift Duty.

    To answer your question "How is the abolition of Gift Tax going to affect all this come October 1st"

    The CGT isn't law it won't be affected - it doesn't exist and won't exist at 1 Oct 2011.

    In saying that I have to concede that you could raise a people's army and take control of the state and then pass a CGT into law via the first sitting of council of citizen's of the first republic - this is of course has about as much chane of happening as Labour winning the next election.

    Auckland • Since Nov 2006 • 1174 posts Report Reply

  • Steve Barnes, in reply to BenWilson,

    a reintroduction of indentured servitude.

    Which will, no doubt, be introduced under "URGENCY"

    The wireless north ;-) • Since Dec 2006 • 4613 posts Report Reply

  • Steve Barnes, in reply to DexterX,

    The CGT isn’t law it won’t be affected – it doesn’t exist and won’t exist at 1 Oct 2011

    And back to you Sir " Sweet Zombie Jesus what are you on about."
    I haven't seen anything in Labours policy that says Gift Duty will be re-introduced so I think we can safely presume that the two will be in effect together and as Capital Gains will only be counted from the time of the introduction of the tax then it will be a few years before this affects anything, it won't happen overnight but it will happen.
    <tosses hair in gay abandon and smiles at camera>

    The wireless north ;-) • Since Dec 2006 • 4613 posts Report Reply

  • DexterX, in reply to BenWilson,

    Estate Duty has been zero rated for decades, It used to be 45% of the value of the estate over $450,000.

    It was an incredibly harsh tax able to be avoided by succesion planning.

    What was happning, on account of inflation, a modest estate of a family home or a farm was being caught by estate duty - hence the zero rating.

    Auckland • Since Nov 2006 • 1174 posts Report Reply

  • DexterX, in reply to Steve Barnes,

    You were asking about CGT when you asked:

    "So, how is the abolition of Gift Tax going to affect all this come October 1st?."

    Auckland • Since Nov 2006 • 1174 posts Report Reply

  • DexterX, in reply to 3410,

    That is such a classic story - very old New Zealandy.

    I hope you kept both letters and framed them.

    Auckland • Since Nov 2006 • 1174 posts Report Reply

  • Steve Barnes, in reply to DexterX,

    It is called Gift Duty.

    Mr. X.
    It would seem that even your "Bible" is guilty of making this horrendous blunder...
    Govt sends gift tax packing

    The wireless north ;-) • Since Dec 2006 • 4613 posts Report Reply

  • Steve Barnes, in reply to DexterX,

    You were asking about CGT when you asked:“So, how is the abolition of Gift Tax going to affect all this come October 1st?.”

    Why yes, I was. How pedantic of you, let me re-phrase for those that are a little slow on the uptake...
    So, how is the abolition of Gift Tax, come October 1st, going to affect the outcomes of Labours proposed CGT in the not too distant future ?
    Is that good enough or would you like me to "Step Outside" for a sound thrashing?
    <grits teeth more in frustration than anger>

    The wireless north ;-) • Since Dec 2006 • 4613 posts Report Reply

  • Rich of Observationz,

    It was an incredibly harsh tax able to be avoided by succesion planning.

    What was happning, on account of inflation, a modest estate of a family home or a farm was being caught by estate duty – hence the zero rating

    So somebody who has poor parents, works for years and earns a million dollars will pay tax on that, maybe $330k.

    Someone sensible enough to choose rich parents who leave them a house or farm worth a million dollars pays *no* tax.

    Back in Wellington • Since Nov 2006 • 4359 posts Report Reply

  • Simon C, in reply to Islander,

    She quickly sold it for a Mk 10 Zephyr (I think it was a Mk 10) automatic that could truly fly – the 1st vehicle I ever did a ton in-

    <pendant>

    Cool, a thread I can contribute to - even if it's only to point out that Zephyrs came in Mk 1 through 4 versions only.

    </pendant>


    The Super Snipes were lovely old cars and very solidly built, which sadly contributed to their demise as many ended their days being bashed to pieces in demolition derbys.

    Auckland • Since Aug 2008 • 10 posts Report Reply

  • DexterX, in reply to Steve Barnes,

    The answer is again it won't - there are no outcomes there is no CGT.

    With the proposal the likely only exemption is the Family home - so it will apply to assets in a trust or settling assets into a trust.

    The proposal will likely be that when an assets is converted from one use to another use the CGT will apply - that iwill include settling an asets on a trust as well as a sale the CGT will apply.

    The abolition of Gift duty sits alongside the "new looking through" regime.

    It isn't some big "toothless hags, nest feathering, and have and have nots" conspiracy codswallop.

    Auckland • Since Nov 2006 • 1174 posts Report Reply

  • DexterX, in reply to Rich of Observationz,

    How do you chose Rich Parents?

    Estate Duty was forcing farming families off their land.

    In the situation, at the time Estate Duty was zero rated, where say there was a farm valued at $600.00 owned by a widow with four children and ( two sons and two daughtes) and say you had one son inlaw and one son who were actively farming the land.

    The effect of the $150,000 estate duty wold mean that the farm would be sold to pay the tax and the two farming families would effectively be forced off the land.

    It was eating away at and compromising rural communities whilst also undermining the producitve base of the economy - you know agriculature.

    Auckland • Since Nov 2006 • 1174 posts Report Reply

  • Islander, in reply to Simon C,

    Thanks Simon C - I checked with my mother this morning and she said it was a Mark TWO...at least I got the 't' right- :(

    Big O, Mahitahi, Te Wahi … • Since Feb 2007 • 5643 posts Report Reply

  • Sacha, in reply to DexterX,

    How do you chose Rich Parents?

    Ask a libertarian

    Ak • Since May 2008 • 16272 posts Report Reply

  • Steve Barnes, in reply to DexterX,

    The answer is again it won’t – there are no outcomes there is no CGT.

    FFS, I give up. There are none so blind as those that refuse to see.

    The wireless north ;-) • Since Dec 2006 • 4613 posts Report Reply

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