They're going after the wrong people': Richard Loe on capital gains tax

Rural Exchange host Richard Loe has spoken out about a proposal to extend capital gains tax, saying the Government is targeting the wrong people.

The Tax Working Group has recommended applying the tax to gains and losses on land improvements (except the family home), including shares and business assets. 

People selling their farms from 2021 would be subject to the tax as it applies to all land, apart from the 4500 metres around the family home.

However Loe, a Canterbury farmer, told Duncan Garner that Kiwi business and farmers aren't the problem.

"Why don't they have a go at those organisations, the likes of Lime scooters, that come in and swipe money directly out of the country?" 

He said online shopping should also be looked at.

"I do it, you do it - everyone does it and you get away with paying no GST."

The Government is in fact going to be collecting GST on online purchases from October.

Mr Loe told the AM Show he thinks the capital gains tax proposals won't go ahead in their entirety.

"If April comes and they make that decision, they won't be in power. It'll be watered down to buggery."

Watch the full interview with Richard Loe.

Hamish McKay and Richard Loe host Rural Exchange, 6-8am Saturday and Sunday on Magic Talk with Carter's Tyre Service.