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CGT and planners get both barrels from Brash

Tuesday 15th of November 2011

Speaking at the ACT New Zealand Housing Policy launch in Auckland Brash said Labour and Green Party claims a capital gains tax would help Kiwis with the dream of home ownership was "plain wrong."

"Australia has worse affordability than we do, and they have a capital gains tax. The United States and Canada have nation-wide capital gains taxes, yet have also had some of the most pernicious housing bubbles, especially in urban housing markets."

Brash said that for most of New Zealand's post-war history, houses typically cost three years income until the early 1990s when "prices shot through the ceiling and affordability through the floor."

He said that today, in Auckland the median house costs 6.4 times the median household income.

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Latest Comments
FMA wants clearer fees
The Report (p.14) contains the following recommendation for FAPs: "Disclose commissions as a dollar figure. While commissions can be disclosed as either a percentage or dollar figure, we consider disclosure in dollar terms to be good practice to assist with investors readily understanding what the adviser will get out of the advice process." Disclosing commission in dollar figures was one of the 3 options floated in the April 2018 Disclosure Requirements discussion paper from MBIE. This option was ultimately rejected in favour of a principles-based approach. The examples of commission disclosure in the resulting Regulations ("Connor and Ari") are expressed in percentage terms. While the FMA may hold the view that disclosure in dollar terms is "good practice", this is not where the regulations landed at the conclusion of the 2018 consultation process.
1 day ago Paul Flood
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@The Laird - No, not really. The headline of this article could equally have been: "Advisers embrace Westpac after upfront commissions increased to highest across the main banks."
1 day ago Paul Flood
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Doesn't this result call into question the criticism from certain quarters that Mortgage Advisers are driven predominantly by commission considerations?
1 day ago The Laird
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@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
2 days ago Goldcard
FMA wants clearer fees
@goldcard - how would you propose that a fund manager calculates the TER to include adviser fees given not all clients pay them and different advisers charge different fees, not to mention some advisors charge different fees to different clients? The advice fee gets disclosed in the adviser's disclosure statement and the statement of advice, so the client can add that to the published TER of the fund they are invested in to see how much they are paying overall.
3 days ago First time caller