Latest News [index] Abolition of gift duty enacted
The legislation abolishing gift duty has received Royal Assent and accordingly, gift duty will be abolished with effect 1 October 2011.
Before making a diary note to gift all debts owing on that date make sure that you check whether such a gift could have unexpected consequences.
For example, if you wish to qualify for a rest home subsidy in the future, a single gift in excess of $27,000 could disentitle you to a future subsidy.
It is also important to consider whether prserving rights to call up a gift is necessary to ensure solvency or to otherwise protect yourself.