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Home / New Zealand

Capital Gains Tax calculator: How much could you pay?

NZ Herald
22 Feb, 2019 03:21 AM2 mins to read

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

App users click here to use the tax calculator

Sir Michael Cullen's working group has recommended a swathe of changes to New Zealand's tax system. Here they are in a nutshell:

• Capital gains tax (CGT) to apply after the sale of residential property, businesses, shares, all land and buildings except the family home, and intangibles such as intellectual property and goodwill.
• Tax rate to be set at the income-earner's top tax rate, likely to be 33 per cent for most.
• Calculation of gains to not be retrospective - tax to be applied to gains made after April 2021.
• Art, boats, cars, bikes, jewellery, personal household items and the family home to be exempt.

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• Losses on the sale of assets bought before April 2021 will generally be able to be used to reduce paid on gains from other assets.
• Increase the threshold of the lowest tax rate (10.5 per cent), allowing more income to be taxed at the lower rate.
• Increase social welfare net benefits to allow similar benefits as low-income earners post tax threshold adjustments.
• House on farms and surrounding land up to 4500 sq metres exempt from CGT, calculated as a percentage of total farm value.
• CGT on small businesses can be deferred (roll over relief) if annual turnover is less than $5 million and sale proceeds are reinvested in similar asset class.
• No support to make company tax progressive ie smaller companies paying less than 28 per cent.
• Capital gains tax estimated to raise $8.3 billion over five years.
• Expand coverage and rate of Waste Disposal Levy, expand the ETS and use congestion charging.
• Better tax benefits for KiwiSsavers on low and middle incomes.

Discover more

New Zealand|politics

Capital Gains Tax plan: What's in, what would be exempt

20 Feb 10:00 PM
New Zealand|politics

Audrey Young: House price slump will sweeten CGT plan

20 Feb 10:00 PM
Business

Big tax shakeup could dent house prices and push up rents

20 Feb 11:20 PM
Tax

Tax cut recommended for low and middle income earners

21 Feb 04:00 AM
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