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New Zealand: Personal Taxation

Inheritance and Gift Taxes

Inheritance tax (previously estate duty) is no longer payable in New Zealand. Gift duty was repealed from 1 October 2011. Following is a description of how gift duty used to be applied.

A gift of any asset which is in New Zealand was liable for gift duty. In addition, a gift of property which is outside New Zealand was liable for gift duty if the giver’s permanent home was in New Zealand.

Gift duties were levied at progressive rates. Individuals giving gifts over NZD12,000 needed to file a gift statement and forward it to the IR, although gifts up to NZD27,000 were exempted from gift duties.

A tax rate of 5% was levied on gifts of between NZD27,000 and NZD36,000; 10% on gifts between NZD36,001 and NZD54,000; 20% on gifts between NZD54,001 and NZD72,000; and 25% on gifts over NZD72,001.

 

 

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