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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (17248)	4/16/2007 5:45:53 PM
From: Maurice Winn	Respond to of 220243

NZ has just introduced the Maurice Winn Fair Dividend tax rules because they didn't like me not paying tax on unrealized QCOM gains. In NZ, the government's job is to come up with more and more and more ways of increasing taxation and stupider and stupider and stupider ways of wasting it. We have no Roth IRA. I am not kidding when I call it the Maurice Winn tax rule. After years of investigation of our tax affairs, coming up pretty much empty handed, they then showed up with the new law. Maybe they had been thinking of it, but I doubt it. I would love to have been a fly on the wall in their discussions about the new tax when they were coming up with why it was a good idea. stuff.co.nz Our tax affairs were hilarious. I had been doing it myself, going along to the tax department to make sure I had it right. But it was wrong. The local person I saw obviously didn't know much more than me about what I should be doing. So the auditors decided it needed checking. Quite rightly, as I now know. Unfortunately for them, the mistakes I had been making were nearly all in their favour, so we ended up with large losses to carry forwards [thanks to Globalstar ... grrrr....]. Fortunately for me, I had done right all the things that mattered such as full disclosure etc, no sneakiness or other things which they could get us on. They got some $thousands for a tricky thing that our professional accountancy company didn't pick up and include, and neither did the first levels of auditors. Vast numbers of people are in our situation and if their tax affairs were properly done, they would be doing as we did and spending a fortune on tax consultants. It really is an absurd shambles in which even expert tax accountants don't know the rules. The tax people spend their lives inventing new laws and rules which the rest of us, who are trying to earn a living good enough to support not just ourselves, but legions of government spivs, a huge taxation bureaucracy, accountancy profession and legal guilds. If people hired professionals and did their taxes correctly, the financial entropy would take all the returns from the investments. I doubt that it's possible to legally invest and get real, after inflation, after tax, returns in NZ. Accounting and legal fees would take most and tax would take the rest, in the initial accumulation years for regular people on regular incomes. No wonder productive people are leaving in droves. I might as well stay while we have losses to whittle away. The government is spending plenty of money in the Taupo area on ecological hobby horses - right there in the mouth of an active volcano which is going to erupt again one day, without getting a resource consent, building permit or authorisation from 100 government departments. When, not if, it erupts, I will shrug my shoulders and watch as the government spivs rush around in chaos. New Zealand will NOT be carbon neutral, despite the government's plans. Mqurice