Latest News [index] Abolition of gift duty
The Minister of Revenue, the Hon Peter Dunne, announced on 1 November 2010 that the abolition of gift duty will be included in legislation to be introduced in November 2010. If the legislation is passed in its current form gift duty will not apply from 1 October 2011.
However, unless or until the abolishing legislation is passed, we recommend that gifting programs are continued. The advantage of continuing your gifting program is the ability to check and confirm that you are not making inadvertent gifts prior to the abolition of gift duty. Further, gifting provides an excellent time to review your trust affairs and to ensure that everything is in order.
See article on Abolition of gift duty - what does it mean for your trust? under articles tab above.