A gift is something given when:
If something of lesser value is given in return for a gift, the value of the gift is the difference between the two values.
In the context of trusts, these items can all be gifts:
If you propose to make a gift to a trust, please contact us to discuss the implications. It is important to take into consideration what the trust, and the gifts to the trust are designed to achieve as part of a long-term strategy.
The government abolished gift duty for dispositions of property made on or after 1 October 2011.
Please be aware that there is a $6,500 annual gifting limit for a gifting period of 5 years before going into care for rest home subsidy purposes.
For more information on gifting please give us a call or refer to the Inland Revenue guide on Trusts and estates income tax rules (IR288)
74 Whitby Road
WAKEFIELD 7025
P. 03 541 9005
M. 021 221 1009
E. sonia@allaccounts.co.nz