So is capital gains tax a good idea or…? Depends who you ask, but this Auckland house (Janaye Henry) that just made $140,000 in a year makes a pretty strong case for why it might be good, actually.
As your average Auckland house, I’ve got to say 2020 has been pretty great for me. Just like 2019, and 2018, and actually every other year since I was built, pretty much, I’ve gone up in value. That means when my owners sell me they’ll probably be making a nice profit, and they won’t even have to pay any tax on it.
Is it cooked that those who own multiple properties can sell them for huge profits tax-free while for many others owning even one home becomes an increasingly unattainable dream? Maybe! The government has already ruled out ever introducing a capital gains tax – but from where I’m sitting, on a million dollar section, it’s not the worst idea I’ve ever heard.