236 Clyde Road Fendalton PO Box 29352 Christchurch New Zealand |
P: 03 351 9402 E: office@pduggan.co.nz
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A gift is something given when:
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:
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.
Please be aware that there is a $6,500 annual gifting limit for a gifting period of 5 years before going into care for rest home subsidy purposes.
For more information on gifting please give us a call or refer to the Inland Revenue guide on Trusts and estates income tax rules (IR288)