Duties and levies: Gift duty
Gift duty basic information
Any person who gives gifts of more than $27,000 in a year is liable to pay gift duty. However, any person making gifts with a combined total value of over $12,000 in any 12-month period must complete a Gift statement and forward it to Inland Revenue.
Gifts made to create a charitable trust, or establishing any society or institution exclusively for charitable purposes, or any gift in aid of such trust, society, or institution are exempt from gift duty.
From 1 July 2008 that charitable trust or that society or institution established exclusively for charitable purposes will need to be registered by the Charities Commission for the gift to be exempt from gift duty.
Date published: 11 Jul 2006
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