Should I pay Gift Duty?
Gift Duty has now been abolished, meaning you will no longer need to pay it on gifts given after September 30th 2011..
What about gifts made earlier than that?
If you made gifts before October 1st 2011 you may still need to pay Gift Duty.
Even if Gift Duty is not applicable to the gifts you have made, you could still need to record details of these gifts with the IRD.
If you made gifts of more than $12,000 in any 12-month period before October 1st 2011, you must fill in a Gift Statement (IR196).
What if I made gifts to charitable trusts?
If you made gifts exclusively for charitable purposes, these gifts are exempt from Gift Duty.
However, from July 1st 2008, gifts made for charitable purposes do need to be registered by the Charities Commission for the gifts to be exempt from gift duty.
Still not sure?
Contact us and we’ll be happy to discuss the current situation with Gift Duty further.
The IRD website also provides further information on Gift Duty.