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Author John Kenel12 May 201704 Apr 2018

Assured News

How do you lower house prices? Stop charging GST on houses.

How do you lower house prices? Stop charging GST on houses.

The average NZ house price costs $631,147.

So the person who buys that house pays $94,675 or 15% tax.

As a builder/developer, the first thing we do when we sell a spec house i.e. where we purchased the land, built a house and sold it completed – is we hand the IRD a cheque for 15% of the sale price.

What that means to your average NZ home buyer is that you are being charged 15% tax when you buy a home. Oh, and don’t forget that you are buying with ‘tax paid’ dollars i.e. you have worked, paid income tax, saved money and then when you buy a house you pay tax again.

Now you know why governments love property booms, they make a huge tax windfall.

So how do you lower the cost of building new houses by 15% over night? Easy, you remove GST on home building.

John Kenel, Assured

Author John Kenel12 May 201704 Apr 2018
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