Posts by Terry Baucher
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Hard News: Someone has to be accountable…, in reply to BenWilson,
LOL!
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I am a bit hacked off about the fuss over the RWC costs (much of which represents planned expenditure brought forward) when such a colossal clusterfuck has been allowed to happen. Maybe the rest of Auckland should send the bill to the good people of the Epsom electorate.
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The important thing is that the ratings agencies are buying them and the foreigners are buying our sovereign debt at record low yields
The cynic in me says that the rating agencies determining sovereign debt are as switched on as their colleagues who "rated" all those mortgages in the US. An awful lot of smoke and mirrors and they bought it? Phew.
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I’m quite happy to buy the retort from Federated Farmers that farmers do actually have low net incomes once debt servicing is taken into account. They’re running a business (a proper business, not just being residential landlords), and I have no problem with them deducting mortgage interest against income as an expense.
As I write B'linglish has been trumpeting the need to reduce debt - funny that he hasn't tackled the point you make. I favour expanding the current thin capitalisation rules across ALL taxpayers not just those which are foreign controlled. Combined with imposing limits on the amounts which banks can lend to say 85% of valuation that might do more to reduce debt than the fiddling in the margins he proposes.
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What was interesting about Cactus Kate's comments is that they were very studiously ignored in the Kiwiblog thread. Truthiness has its limits eh?
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Hard News: Budget 2011: While you wait, in reply to Geoff Lealand,
Speaking as a tax practitioner family trusts aren’t really the issue in this instance. The low tax bill stems from high interest payments because many farmers are very highly leveraged and also some farming specific tax rules (not my area of expertise but see below for moer). I’ve heard a whisper that changes to those valuation methods are on the way.
Cactus Kate has a very good post on this topic http://asianinvasion2006.blogspot.com/2011/05/rooter-turns-straight-shooter.html
Stargazer at the Hand Mirror also has some good comments on the topic. http://thehandmirror.blogspot.com/2011/05/standing-up-to-banks.html
In the comments section she has this to say about farmers tax planning
<i> the biggest way farmers get out of paying tax is by switching between livestock valuation schemes. it takes a bit of accurate forecasting and any half-decent accountant will have good contacts with farm advisors and be keeping up-to-date with market values for stock. but i know that heaps of farmers around the country paid a bit of extra tax in 2008/09 to switch schemes, and have had massive losses in the 2009/10 year. this means they’ve paid no tax as well as claiming the maximum in working for families payments.
yes, i think it’s appalling, but also totally legal and totally unfair on all other taxpayers. i expect that many will benefit in the current financial year as well. </q>
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Hard News: The witless on the pitiless, in reply to Simon Grigg,
The New Yorker article is well worth a read incidentally, thanks Simon.
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I see Hone’s comments and those of Dr Walker as akin to what happened in 1945 when the Irish government (which was neutral throughout WW2) sent formal notices of condolences to the German embassy following Hitler’s death.
In terms of diplomatic protocol doing so was perfectly unreasonable but in the context of Hitler’s life and what was already common knowledge about the death camps it was an unforgiveably crass move. So too with Hone’s comments however respectful he thought he was being. Bin Laden was a mass murderer full stop and I agree with Russell’s key point that Bin Laden would have had little truck with Māori culture.
Oops that should read was perfectly reasonable
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What do the British do with their prisoners? Or for that matter the Australians, Canadians, Danes and other ISAF partners. I'm curious as to why we can't or won't follow their protocols.
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"Kim John-Kee" Love it!