Depreciation Changes Must Be Canned

Published: Thu 14 Oct 2004 08:49 AM
Depreciation Changes Must Be Canned
With media reporting that Auckland house prices are plummeting at a rate of almost $500 a day, it is imperative that the Government scrap its proposed changes to residential property depreciation rates, ACT New Zealand Deputy Leader and Housing Spokesman Dr Muriel Newman said today.
"There could be no worse time to introduce these depreciation changes - property investors are already facing huge uncertainties caused by Labour's halving of net migration and the upward pressure on interest rates caused by its increased spending," Dr Newman said.
"With an online petition to oppose the Government's depreciation changes - on ( - now gathering thousands of signatures every week, it is clear that opposition to Labour's $20-30 million tax-grab off property investors is huge.
"There are at least 164,000 property investors in New Zealand who own at least one rental property. These are mainly people who have taken responsibility for their retirement. It is unacceptable that Labour now plans to penalise them with an extra tax bill.
"With the good times about to end - brought about largely by Labour's own policies - property investors deserve a better deal. Labour should announce that it will scrap its proposed penalty on property investors before confidence in the property market erodes even further, and more damage is done," Dr Newman said.

Next in New Zealand politics

Joint Press Release With President Of The Govt Of Spain, Pedro Sánchez, & The PM Of New Zealand, Jacinda Ardern
By: New Zealand Government
Peters Issues Judicial Review Proceedings
By: Rt Hon Winston Peters
Electoral Changes Will Bring Greater Transparency For Voters
By: New Zealand Government
Wellington’s Rapid Transit Option Progresses To Next Stage
By: New Zealand Government
Charles CHOGM Speech Green Light For Change
By: New Zealand Republic
Goodfellow To Retire As National Party President
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media