A tax levied on gifts of money and property that exceed a certain value.
wealth transfer was also hit, in the form of gift duty
Example sentencesExamples
Although gift duty is history, Work and Income adds gifts of more than $27,000 a year back in when it is calculating if an individual is entitled to a subsidy.
This means that any movement of funds between the Meat Board and the industry-good body will have no income tax, gift duty, or GST consequences.
Gift duty currently applies when a person makes gifts totalling more than $27,000 in a 12-month period.
The abolition of gift duty would open the opportunity to restructure family interests where there were valid commercial or estate planning reasons for doing so.
A by-product of the abolition of gift duty means people will not go through the annual gifting process.
The company is exempt from all other provisions of income tax, goods and services tax, gift duty, and any other taxes, levies, or impositions of the inland revenue Act.
Gift duty is an archaic tax that raises little revenue, but results in significant compliance costs for taxpayers.
Tax cuts for the rich, the removal of gift duty, employment relations "reform", deregulation, privatisation, all help the ultra-rich, while screwing the rest of us over, redistribute income upwards from us, to them.
If there is no gift duty, there is nothing in your estate and they can't make that claim against the trust.
As it stands, any person who gives away more than $27,000 in a year is liable to pay gift duty.