Latest News [index] Abolition of gift duty
The Finance and Expenditure Committee has reported back on the Taxation Bill that proposes, amongst other things to, abolish gift duty. In its report issued 20 June 2011 the Committee has recommended that gift duty should be abolished. This means that if the Bill is passed in its current form, gift duty will be abolished in respect of gifts made on or after 1 October. However, as the Bill, which is currently awaiting its second reading has not yet been passed by Parliament it is important to appreciate that for now, at least, gift duty still applies to dutiable gifts in excess of $27,000. See http://taxpolicy.ird.govt.nz/publications/2011-or-tarm/overview for the Committee's full report.