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MENU
  • Home
  • Meet the Team
    • Kirsten Wise
    • Simon Hankins
    • Dave Cheetham
    • Karrie Stephens
  • Accounting
    • Key Dates
    • Tax Facts >
      • ACC Premiums
      • Depreciation Allowances
      • Entertainment
      • Fringe Benefit Tax
      • Gifting
      • Goods & Services Tax
      • GST & E-Commerce
      • Kiwisaver
      • PAYE on Salaries & Wages
      • Provisional Tax
      • Resident Withholding Tax
      • Tax Credits (formerly rebates)
      • Taxpayer Penalties
      • Working for Families Tax Credits
    • FAQ's
    • PaySauce
    • Accounting Testimonials
  • Insurance
    • Insurance Testimonials
  • Mortgages
    • Home Loans - Buying or Selling
    • First Home Buyers
    • Refinancing or Fixing
    • Debt Consolidation
    • Personal Loans
    • Interest Rate Options - Fixing or Floating
    • Types of Loans
    • The Costs
    • Mortgage Tips
    • Moving House Checklist
    • Mortgage Testimonials
  • Real Estate
  • Checklists
    • Individual Checklist
    • Business or Trust Checklist
    • Rental Checklist
    • Farming Checklist
    • Short Term Rental & AirBNB Checklist
  • News & Updates
  • Pay your invoice now
  • Contact

Tax Facts: Gifting

A gift is something given when:
  • Nothing is received in return; or
  • Something is received in return, but its value is less than the value of the property given.
​
If something of lesser value is given in return for a gift, the value of the gift is the difference between the two values.
In the context of trusts, these items can all be gifts:
  • Transfers of any items (for example, company shares or land).
  • Any form of payment.
  • Creation of a trust.
  • A forgiveness or reduction of debt.
  • Allowing a debt to remain outstanding so that it can't be collected by normal legal action.

If you propose to make a gift to a trust, please contact us to discuss the implications.  It is important to take into consideration what the trust, and the gifts to the trust are designed to achieve as part of a long-term strategy.

The government abolished gift duty for dispositions of property made on or after 1 October 2011.  This means that:
  • Gift duty will not be payable for dispositions of property made on or after 1 October 2011
  • Gift statements will not need to be filed for dispositions of property made on or after 1 October 2011
  • However, gift duty and gift statements will remain due for dispositions of property made prior to 1 October 2011

Please be aware that there is a $6,000 annual gifting limit for rest home subsidy purposes.

For more information on gifting please give us a call.
Supplied by
CCH Business Fitness NZ
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