Gift Duty
Gift duty is chargeable on gifts made in excess of $27,000 in a twelve month period. The twelve month period is not tied into a financial year.
A gift statement must be filed with the IRD within three months of gifts totalling over $12,000 having been made.
Gifts are made by the transfer of assets by one person to another person (including a spouse or other close family members and friends) where the market value of the assets exceeds the consideration received.
Gifts can take many forms; the most common ones being cash given away, or the forgiveness of a debt or part of a debt.
Gifts made to entities who are established solely for charitable purposes and are registered with the Charities Commission are exempt from gift duty.
Gift duty applies as follows:
Gift duty is payable by the donor.
The Government is currently reviewing gift duty with a view to the duty being abolished, subject to appropriate safeguards.
Gift duty is chargeable on gifts made in excess of $27,000 in a twelve month period. The twelve month period is not tied into a financial year.
A gift statement must be filed with the IRD within three months of gifts totalling over $12,000 having been made.
Gifts are made by the transfer of assets by one person to another person (including a spouse or other close family members and friends) where the market value of the assets exceeds the consideration received.
Gifts can take many forms; the most common ones being cash given away, or the forgiveness of a debt or part of a debt.
Gifts made to entities who are established solely for charitable purposes and are registered with the Charities Commission are exempt from gift duty.
Gift duty applies as follows:
| Value of Gift | Duty |
| $0 to $27,000 | Zero |
| $27,001 to $36,000 |
5% of gifts over $27,000 |
| $36,001 to $54,000 |
$450 plus 10% of gifts over $36,000 |
| $54,001 to $72,000 |
$2,250 plus 20% of gifts over $54,000 |
| Over $72,000 |
$5,850 plus 25% of gifts over $72,000 |
Gift duty is payable by the donor.
The Government is currently reviewing gift duty with a view to the duty being abolished, subject to appropriate safeguards.
