Capital Gains Tax to be discussed at Rotorua Chamber of Commerce event

OneRoof: Capital gains tax explained

Uncertainty around what effect a Capital Gains Tax would have has prompted the Rotorua Chamber of Commerce to hold an event in an attempt to explain it.

The chamber's acting chief executive Bryce Heard said there had been a lot of comments from people concerned about it and wanting to know what it meant.

"We've had a lot of interest in this from our members who want to know what's going on so we've got an expert on tax coming in to speak to the public."

The event will be held on March 28 at Sudima Hotel from 12pm to 2pm.

Deloitte tax partner Greg Harris will speak about tax law change proposals and MPs Todd McClay, Fletcher Tabuteau and Tāmati Coffey have been invited.

Deloitte tax partner Greg Harris will talk about Capital Gains Tax at an event in Rotorua. Photo / Supplied

"It's meant to be an independent professional assessment of the facts and we'll get the politicians to say their piece. Then there will be a public Q&A.

"It's a factual assessment so we want to depoliticise the discussion."

Heard said the chamber expected at least 100 people to attend including investors, property and business owners, rental home-owners and members of the farming community.

"There could be quite a big turn out because it's very topical."

Harris said he would talk about what a Capital Gains Tax would look like in New Zealand, what assets would be affected and potential exemptions.

"It affects everybody. I've been giving tax presentations for about 35 years now and I've never presented on a topic there is so much interest in.

"It will affect individuals, it will affect businesses, company restructures, people dying and passing on their assets, family trusts."

Rotorua MP Todd McClay confirmed he would attend and the topic was a concern for locals.

Rotorua MP Todd McClay. Photo / File

"I don't think there has been an issue that has been raised with me as much as this new Capital Gains Tax since I've been an MP."

Rotorua-based deputy leader of New Zealand First Fletcher Tabuteau said he was unable to attend but thought it was a great initiative to help people understand the impacts.

New Zealand First deputy leader Fletcher Tabuteau. Photo / File

"This Government's number one focus right now regarding the independent tax working group's recommendations is that everyone has an opportunity to input into the conversation and that we thoroughly listen to the people of this country."

Waiariki MP Tāmati Coffey hadn't confirmed whether he would attend but said he was looking forward "cutting through the hysteria around the independent working group's report" and hearing the community's ideas on a fairer tax system.

Waiariki MP Tāmati Coffey. Photo / File

The details
What: Taxation expert Greg Harris on Capital Gains Tax plus Q+A with local politicians
When: March 28, 12pm to 2pm
Where: Sudima Hotel, 1000 Eruera St
Cost: Chamber members $30, non-members $40
Register at: www.rotoruachamber.co.nz