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. This must take place within 3 months of the gift exceeding $12,000.

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.

Gifts made on or after 1 October 2011 are not liable for gift duty and gift statements (and accompanying documents) don't need to be filed for these gifts.

Date published: 30 Aug 2011

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