title: Explorations of structure and choice in taxing capital gains: New Zealand tax experts' perspectives

authors: Cheng, Alvin Man Hung

subjects: Capital gains tax

abstract: This study explores the key issues, aspects, and attributes concerning capital gains tax (CGT) to enable the formulation of policy guidelines that might be used if a CGT were considered in New Zealand. It contends that the development of the New Zealand’s policy on taxing capital gains has continued in a somewhat ad hoc and inconsistent fashion. The lack of a uniform approach to capital gains taxation has resulted in detailed, but complex, legislation which leads to “policy inconsistencies and unintended incentives built into the tax structure” (Oliver, 2001, pp. 80 – 81). The study bridges the divide between theoretical analysis of CGT and implementation issues on operating a CGT. It attempts to address one primary research question and an associated secondary question. The primary research question is: should capital gains be taxed more comprehensively than at present? As a start, it examines the two important issues surrounding income definition and the capital/income distinction. In this regard, the research first attempts to identify the definition(s) of capital gains from the New Zealand perspective(s). This is followed by investigating the key areas of the tax system in order to seek the best way of taxing capital gains. This study also attempts to address the secondary research question, i.e., why (or why not) do the tax experts favour (or oppose) a comprehensive CGT? In this respect, this study identifies 23 factors/issues that are related to the tax experts’ attitudes towards a particular form of a CGT model (i.e., current hybrid approach, a realisation-based CGT or an accrual-based CGT). A mixed-methods design has been adopted in this study involving both a quantitative (survey) and a qualitative (interview) method in analysing the data to determine the tax experts’ overall perceptions of a CGT in New Zealand and the CGT adoption factors which influenced them. One important finding of the comparative analyses was that all tax experts generally agreed that the lack of a comprehensive CGT could provide more significant tax planning opportunities. However, many tax experts did not support the comprehensive income concept as they disagreed with the benefits derived from the gains in horizontal equity through adopting a CGT. This study has identified several important policy issues and reviewed their implication for the adoption of a CGT in New Zealand. The finding of the study revealed that the tax experts strongly supported the exemption of the gains on disposal of a taxpayer’s main residence and the tax preference for inflation adjustment. Another important policy issue is the implementation of an accrual-based CGT. Most tax experts considered a realisation-based CGT would be better than an accrual one. In particular, they were concerned about the liquidity problems and the compliance costs involved in an accrual-based CGT regime i.e., the annual valuation of all assets. These findings represent a first step towards a theoretical CGT framework. It is hoped that the knowledge gained in this study would give a greater understanding into the practical decision-making process that could result in a better public acceptance for a tax reform.

text: Explorations of structure and choice in taxing capital gains: New Zealand tax experts' perspectives This study explores the key issues, aspects, and attributes concerning capital gains tax (CGT) to enable the formulation of policy guidelines that might be used if a CGT were considered in New Zealand. It contends that the development of the New Zealand’s policy on taxing capital gains has continued in a somewhat ad hoc and inconsistent fashion. The lack of a uniform approach to capital gains taxation has resulted in detailed, but complex, legislation which leads to “policy inconsistencies and unintended incentives built into the tax structure” (Oliver, 2001, pp. 80 – 81). The study bridges the divide between theoretical analysis of CGT and implementation issues on operating a CGT. It attempts to address one primary research question and an associated secondary question. The primary research question is: should capital gains be taxed more comprehensively than at present? As a start, it examines the two important issues surrounding income definition and the capital/income distinction. In this regard, the research first attempts to identify the definition(s) of capital gains from the New Zealand perspective(s). This is followed by investigating the key areas of the tax system in order to seek the best way of taxing capital gains. This study also attempts to address the secondary research question, i.e., why (or why not) do the tax experts favour (or oppose) a comprehensive CGT? In this respect, this study identifies 23 factors/issues that are related to the tax experts’ attitudes towards a particular form of a CGT model (i.e., current hybrid approach, a realisation-based CGT or an accrual-based CGT). A mixed-methods design has been adopted in this study involving both a quantitative (survey) and a qualitative (interview) method in analysing the data to determine the tax experts’ overall perceptions of a CGT in New Zealand and the CGT adoption factors which influenced them. One important finding of the comparative analyses was that all tax experts generally agreed that the lack of a comprehensive CGT could provide more significant tax planning opportunities. However, many tax experts did not support the comprehensive income concept as they disagreed with the benefits derived from the gains in horizontal equity through adopting a CGT. This study has identified several important policy issues and reviewed their implication for the adoption of a CGT in New Zealand. The finding of the study revealed that the tax experts strongly supported the exemption of the gains on disposal of a taxpayer’s main residence and the tax preference for inflation adjustment. Another important policy issue is the implementation of an accrual-based CGT. Most tax experts considered a realisation-based CGT would be better than an accrual one. In particular, they were concerned about the liquidity problems and the compliance costs involved in an accrual-based CGT regime i.e., the annual valuation of all assets. These findings represent a first step towards a theoretical CGT framework. It is hoped that the knowledge gained in this study would give a greater understanding into the practical decision-making process that could result in a better public acceptance for a tax reform.

year: 2010

title: Supercapacitor-based pulse generator with waveform adjustment capability for small animal transcranial magnetic stimulation

authors: Raju, Soniya

subjects: Pulse circuits

abstract: In transcranial magnetic stimulation (TMS), pulsed magnetic fields are applied to the brain, typically requiring high-power stimulators with high voltages and low series impedance. TMS pulse generators for small animal coils, are underexplored, with limited dedicated circuits and simulation models. Here, we present a new design for a high-power TMS pulse generator for small animals, utilizing a pre-charged supercapacitor that is sufficient to produce repeated pulses for TMS applications without the need for recharging. This approach eliminates the need for expensive high-voltage components and a high-voltage power supply. In this paper, we detail the design approach and basic block diagrams of a supercapacitor (SC) based TMS pulse generator, along with its experimental results. The findings indicate that the new circuit enables a complete test using just a single charge of an SC module. The proposed circuit functions as a versatile pulse-shaping device, where the MOSFET is treated as a dynamically varying resistor element rather than a traditional switch; allowing pulse parameter variations. We analyze a novel circuit for generating and controlling TMS pulses in small animal coils, and demonstrate its effectiveness through experimental results.

text: Supercapacitor-based pulse generator with waveform adjustment capability for small animal transcranial magnetic stimulation In transcranial magnetic stimulation (TMS), pulsed magnetic fields are applied to the brain, typically requiring high-power stimulators with high voltages and low series impedance. TMS pulse generators for small animal coils, are underexplored, with limited dedicated circuits and simulation models. Here, we present a new design for a high-power TMS pulse generator for small animals, utilizing a pre-charged supercapacitor that is sufficient to produce repeated pulses for TMS applications without the need for recharging. This approach eliminates the need for expensive high-voltage components and a high-voltage power supply. In this paper, we detail the design approach and basic block diagrams of a supercapacitor (SC) based TMS pulse generator, along with its experimental results. The findings indicate that the new circuit enables a complete test using just a single charge of an SC module. The proposed circuit functions as a versatile pulse-shaping device, where the MOSFET is treated as a dynamically varying resistor element rather than a traditional switch; allowing pulse parameter variations. We analyze a novel circuit for generating and controlling TMS pulses in small animal coils, and demonstrate its effectiveness through experimental results.

year: 2024

title: Two-step human−environmental impact history for northern New Zealand linked to late-Holocene climate change

authors: Newnham, Rewi M.

subjects: New Zealand

abstract: Following resolution of a long-standing debate over the timing of the initial settlement of New Zealand from Polynesia (late 13th century), a prevailing paradigm has developed that invokes rapid transformation of the landscape, principally by fire, within a few decades of the first arrivals. This model has been constructed from evidence mostly from southern and eastern regions of New Zealand, but a more complicated pattern may apply in the more humid western and northern regions where forests are more resilient to burning. We present a new pollen record from Lake Pupuke, Auckland, northern New Zealand, that charts the changing vegetation cover over the last 1000 years, before and after the arrival of people. Previous results from this site concurred with the rapid transformation model, although sampling resolution, chronology and sediment disturbance make that interpretation equivocal. Our new record is dated principally by tephrochronology together with radiocarbon dating, and includes a cryptotephra deposit identified as Kaharoa tephra, a key marker for first settlement in northern New Zealand. Its discovery and stratigraphic position below two Rangitoto-derived tephras enables a clearer picture of environmental change to be drawn. The new pollen record shows an early phase (step 1) of minor, localised forest clearance around the time of Kaharoa tephra (c. 1314 AD) followed by a later, more extensive deforestation phase (step 2) commencing at around the time of deposition of the Rangitoto tephras (c. 1400‒1450 AD). This pattern, which needs to be corroborated from other well-resolved records from northern New Zealand, concurs with an emerging hypothesis that the ‘Little Ice Age’ had a significant impact on pre-European Māori with the onset of harsher conditions causing a consolidation of populations and later environmental impact in northern New Zealand.

text: Two-step human−environmental impact history for northern New Zealand linked to late-Holocene climate change Following resolution of a long-standing debate over the timing of the initial settlement of New Zealand from Polynesia (late 13th century), a prevailing paradigm has developed that invokes rapid transformation of the landscape, principally by fire, within a few decades of the first arrivals. This model has been constructed from evidence mostly from southern and eastern regions of New Zealand, but a more complicated pattern may apply in the more humid western and northern regions where forests are more resilient to burning. We present a new pollen record from Lake Pupuke, Auckland, northern New Zealand, that charts the changing vegetation cover over the last 1000 years, before and after the arrival of people. Previous results from this site concurred with the rapid transformation model, although sampling resolution, chronology and sediment disturbance make that interpretation equivocal. Our new record is dated principally by tephrochronology together with radiocarbon dating, and includes a cryptotephra deposit identified as Kaharoa tephra, a key marker for first settlement in northern New Zealand. Its discovery and stratigraphic position below two Rangitoto-derived tephras enables a clearer picture of environmental change to be drawn. The new pollen record shows an early phase (step 1) of minor, localised forest clearance around the time of Kaharoa tephra (c. 1314 AD) followed by a later, more extensive deforestation phase (step 2) commencing at around the time of deposition of the Rangitoto tephras (c. 1400‒1450 AD). This pattern, which needs to be corroborated from other well-resolved records from northern New Zealand, concurs with an emerging hypothesis that the ‘Little Ice Age’ had a significant impact on pre-European Māori with the onset of harsher conditions causing a consolidation of populations and later environmental impact in northern New Zealand.

year: 2018