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Changes to Gifting on the Way
The Government has recently announced plans to abolish Gift Duty on October 1 next year.
The change is due to the Gift Duty being very costly to operate, especially in proportion to the amount of revenue it brings in.
Under the current law a person can make a gift of amounts up to $27,000 a year without having to pay the Duty. The proposed change will mean that gifts of amounts over $27,000 can be made without incurring any Duty.
Even though the new law is not planned to come into effect until October 2011 it might have a significant impact on what you do regarding gifts before then. If you would like to know more about how this will affect you and what you should do pending the new law coming into effect then please contact us.