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Lies, damned lies and gifting …

In addition to recommending that gift duty be abolished, the report back from the Officials’ Report to the Finance and Expenditure Select Committee on Submissions on the Taxation (Tax Administration and Remedial Matters) Bill highlights some interesting statistics about the use of trusts.

According to the report less than .003% of the 430,000 IRD numbers (that is less than 13 people) who filed gifting statements were bankrupted between 1 July 2001 and 28 May 2010. Presuming the .003% figure is correct, by itself this doesn’t mean an awful lot. However, when you consider that the Ministry of Economic Development records 25,974 bankruptcies during the same period, further consideration is warranted.

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A Clayton’s Reform?

Over recent weeks two announcements have been made with regard to excise arrangements for wine. The excise rate for all alcoholic beverages will increase from 1 July by 4.5%, in line with the annual increase in the CPI to March 2011. The second announcement was a change in the thresholds affecting the timing of excise payments. This meant that the threshold at which wineries would be able to pay their excise liability annually (instead of monthly) would increase from $10,000 per annum to $50,000 per annum. From a practical perspective this was meant to reduce compliance costs and change the cash flow position whereby smaller wineries are often paying excise before they actually receive payment for wine sales. Or at least that was the intention.
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Recent comments

  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
  • QROPS Pensions: Interesting piece of writing, you always write the most useful content & TalkTax is no exception...
  • Davo: Jo, quite likely is that the transition to an LTC was not done in time and the company became a normal company...

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