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Family Trusts and Gifting Assets
Gift Duty
If an individual gifts more than $12,000 in any 365 day period then they legally have to notify the IRD of the gift using IRD form IR196. An individual can gift up to $27,000 per year and not incur any gift duty liability.
| value of Gift | Duty Payable |
| 0 to $27,000 | NIL |
| $27,001 to $36,000 | 5% of value over $27,000 |
| $36,001 to $54,000 | $450 plus 10% of value over $36,000 |
| $54,001 to $72,000 | $2,250 plus 20% of value over $54,000 |
| Over $72,000 | $5,850 plus 25% of value over $72,000 |
The original gift is acknowledged by "Deed of Acknowledgement of Debt". Each year this original debt is reduced by gifting. The IR196 form is completed together with a "Deed of Partial Forgiveness of Debt" and sent to the IRD.
We also recommend that you keep an 'Asset Schedule' so that you can easily identify a history of gifting and any new funds added to your trust.
Refer also to:
Family Trusts
Trustee Responsibilities
Property Relationships Act