Important Announcement about Gift Duty

Posted on 11/01/10 in General, No Comments

In case you missed it there was a major announcement today regarding the Gift Duties.

Please Read the following from the press release:

Earlier this year I announced the Government’s intention to remove gift duty if concerns regarding creditor protection and social assistance targeting could be addressed.

Since my announcement there has been considerable work done by officials across government to assess the concerns. This work has revealed that the protection that gift duty offers in the areas of income tax, creditors and social assistance has only ever been incidental and very limited.

Furthermore, the limited protection that gift duty offers does not outweigh the significant compliance costs, estimated at approximately $70 million per year that gift duty imposes on the private sector.

There is a broad range of other existing legislation that will provide adequate protection to mitigate the identified risks following the abolition of gift duty. Government agencies will monitor the impact of the changes and a post-implementation review will ensure there are no unintended effects,” said Mr Dunne.

This is great news for investors as the Inland Revenue Department start to clean up old legislation that isn’t bringing in very much revenue to the system.

Look out for Matt Gilligan at the Property Gurus event this weekend to shed some more light on how this will effect investing in the 2011 year.

It sure looks like everything is going to change!

Book your tickets now, we have less than 50 tickets remaining.

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