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.
For gift duty on any gifts made before 1 October 2011, the IRD’s guide on the IRD website is helpful.
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.