• Chartered Accountants AU & NZXeroMYOB

  • Call 09 373 4544 or Contact Us

    • Tax – Gift Duty

    Home  »  Tax facts  »  Tax - Gift Duty

    Gift Duty was abolished in New Zealand as from 1 October 2011.

    • There is no paperwork to be lodged with the IRD after that date.

    IRD website explains gift duties prior to 1 October 2011 well on their website: www.ird.govt.nz

    Gift Definition: Gift is something when given:

    • Nothing is received in return.
    • Something is received in return but with a lesser value than the original gift. The difference in value between the gift given and gift received is then the value of the gift.

    Examples of Gifts:

    • Transfers of any items (eg Company shares or land).
    • Creating a Trust.
    • Allowing a debt to remain outstanding.
    • A reduction or forgiveness of debt.
    • Any form of payment.

    When should I record a Deed of Gift?

    • For substantial gifts it is recommended that a Deed of Gift be recorded.
    • Your lawyer can assist you with this.

    Can a gift be set aside?

    • The Property Law Act 2007, Child Support Act 1991 and the Insolvency Act 2006 all contain clauses giving the Courts the power to set aside gifts.

    For more information please call us on 09 373 4544 or visit https://www.ird.govt.nz/duties/gift-duty

    Get the right advice Adsett Braddock

    Get the right advice

    Let’s make a time to discuss your needs and answer any questions you may have.

    Let’s talk

    Adsett Braddock Reviews

    Business made easy! With the help of Adsett Braddock I’ve been able to manage my accounts and returns through the years with confidence. I’ve recommended them many times and will continue to do so for years to come. Thanks!
    Jessica Gernat

    Photographer

    We have been clients of Adsett Braddock for 15 years. Any requests that we have made have been dealt with almost instantly. Not to mention, their charges have been more than reasonable.
    John Gelb

    South St Properties Limited

    I have exclusively used the team at Adsett Braddock since 1987. They have guided me through a variety of family, property and commercial endeavours across all aspects of accounting. Companies, trusts, trading trusts, personal, family members and my many referrals have all had great advice and outstanding service.
    Ross Barraclough

    Takanini Home and Trade Limited