Capital gains tax recommended to Govt, but will it go ahead?

The Tax Working Group has recommended the Government implement a capital gains tax - and use the money gained to lower the personal tax rate.

The suggested capital gains tax (CGT) would cover assets such as land, shares, investment properties, business assets and intellectual property.

Any profit on the sale of these assets would be added to the seller's overall yearly income, and then be taxed under existing thresholds.

Other personal assets – such as the family home, cars, boats and art – would be exempt from a CGT.

And in other housing news, new figures show Auckland's first-home buyers need to fork out up to $950 in weekly mortgage repayments for the next 30 years, based on what they're paying to get a foothold in the market.

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