Gifting

A gift is something given when:

  • Nothing is received in return; or
  • Something is received in return, but its value is less than the value of the property given.

If something of lesser value is given in return for a gift, the value of the gift is the difference between the two values.

In the context of trusts, these items can all be gifts:

  • Transfers of any items (for example, company shares or land).
  • Any form of payment.
  • Creation of a trust.
  • A forgiveness or reduction of debt.
  • Allowing a debt to remain outstanding so that it can't be collected by normal legal action.

If you propose to make a gift to a trust, please contact us to discuss the implications. It is important to take into consideration what the trust, and the gifts to the trust are designed to achieve as part of a long-term strategy.

The government abolished gift duty for dispositions of property made on or after 1 October 2011. This means that:

  • Gift duty will not be payable for dispositions of property made on or after 1 October 2011
  • Gift statements will not need to be filed for dispositions of property made on or after 1 October 2011
  • However, gift duty and gift statements will remain due for dispositions of property made prior to 1 October 2011

For gift duty on any gifts made before 1 October 2011, the IRD's guide on the IRD website is helpful.

For more information on gifting please give us a call.

What People Say About Us

Ian Gundensen 
Ian Nicholas and his team at "The Accounting Room" have been our accountants for 10 years simply because we believe they are the best for our situation. We learnt many years ago that to be successful you need a good team around you.

We needed someone who would listen, treat us as a person and not just a number. Above all someone who had the knowledge, skills and professionalism to help us achieve our goals.

Marion and I appreciated the advice they gave us when we set up "The Gundy Development Company" and we have no hesitation in strongly recommending their services to anyone who requires professional guidance with such complexities as taxation.


Ian Gundesen - Director. Author, Inventor, Licensed Auctioneer.



During the 3 years I worked out of NZ, Ian and the team from the Accounting Room kept me right with the New Zealand tax laws. The Accounting Room team worked closely with my Australian tax accountant and between them I was able to minimise my taxes. I found them to be a very professional team and would have no hesitation in recommending them as the accountants of choice.



Sandy Mutch - A B MUTCH CONSULTANCY PTY LTD



4 seasons
|| www.4seasons.co.nz ||

We have been clients of The Accounting Room (formally Everest and Vincent) since we purchased our business 10 years ago. As first time business owners we needed an accountant who would explain things in language we would understand, someone we could trust 100%. We found that and more with the staff at The Accounting Room, especially Anthony Vincent who has and still does look after us. Anthony is our accountant but we also regard him as a friend. Nothing is ever too much trouble for Anthony or any of the staff and when you call you are always greeted warmly. Without hesitation we have and would recommend The Accounting Room and wish the team every success in their endeavours.


Glynn and Debbie Taylor - Owner operators - 4 Seasons NP Ltd



Therapy Works
|| www.therapyworks.co.nz ||

Therapy Works has worked with Ian and The Accounting Room from the outset of starting up our business just over 10 years ago. We have greatly valued his advice and expertise in ensuring our financial systems are both efficient and easy to understand. Ian’s high standard of professionalism and attention to detail cements our high level of trust with the company. We look forward to an ongoing working relationship and have no hesitation in recommending The Accounting Room to other businesses!


Michelle McIntosh – Therapy Works Ltd



Guize Clothing
|| www.guize.co.nz ||

I have been a client of Anthony Vincent and the team at “The Accounting Room” for many years. I have found there financial scrutiny and customer service to be second to none. They are very approachable any time of the day whether to obtain advice or just to clarify taxation queries. I have found them to be very knowledgeable within their field and always up to date. Their manner is always professional and courteous. I am very happy to have Anthony and the team working for us, and look forward to many more years of this working partnership.


Brett Stokell – Managing Director – Guize Clothing Ltd



CSA Surfboards
|| www.csasurfboards.co.nz ||

The Accounting Room save our company time and money – just what you want. We are grateful to have an accountant that is up-to-date with technology, approachable, prompt and a clear communicator. We are a small business but Ian gives us the time, advice and respect to be big.


Bianca Aldridge | CSA Surfboards



The Cleaning Angels
|| www.angelswhoclean ||

I would highly recommend Anthony Vincent and The Accounting Room team to anyone needing accounting services. Anthony has helped my business grow and has been there for me anytime I had queries. Anthony is kind, patient and genuinely wants to help. All the staff I have encountered at The Accounting Room are like this, very helpful and genuine people who all do an extremely good job.


Glenwyn Flynn – The Cleaning Angels



Brokers Panel & Paint
|| www.brokerspnp.co.nz ||

The Accounting Room are a very professional and helpful group of people to deal with. When I started my business I had no knowledge of accounts or any of the processes involved in running the financial side of a business. The Accounting Room made this learning period very simple and were always available to explain and help me to learn. Now that my business has grown they are still helping me with new advice to help continue the growth of my business.


Kurt Broker – Owner/Manager , Brokers Panel and Paint Ltd