Estate and Gift Duties Amendment Act 1976
Archived legislative commentary on the Estate and Gift Duties Amendment Act 1976 from PIB vol 88 Nov 1976.
This commentary item was published in Public Information Bulletin Volume 88, November 1976
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Estate and Gift Duty Rates
Amended estate and gift duty rates are set out in the Estate and Gift Duties Amendment Act 1976.
Estate Duty
The rates of duty have been adjusted to increase the level at which duty commences from $12,000 to $25,000. The new rates which apply to estates of persons dying on and after 29 July 1976 are:
| Financial Balance of Estate | Rate (Note: Excess means excess of the Final balance in complete $'s.) | |
|---|---|---|
| Not Exceeding $25,000 | Nil | |
| Exceeding | Not Exceeding | |
| $25,000 | $27,000 | 7% of excess over $25,000 |
| $27,000 | $29,000 | $140 plus 8% of excess over $27,000 |
| $29,000 | $31,000 | $300 plus 9% of excess over $29,000 |
| $31,000 | $33,000 | $480 plus 10% of excess over $31,000 |
| $33,000 | $35,000 | $680 plus 11% of excess over $33,000 |
| $35,000 | $37,000 | $900 plus 12% of excess over $35,000 |
| $37,000 | $39,000 | $1,140 plus 13% of excess over $37,000 |
| $39,000 | $41,000 | $1,400 plus 14% of excess over $39,000 |
| $41,000 | $43,000 | $1,680 plus 15% of excess over $41,000 |
| $43,000 | $45,000 | $1,980 plus 16% of excess over $43,000 |
| $45,000 | $47,000 | $2,300 plus 17% of excess over $45,000 |
| $47,000 | $49,000 | $2,640 plus 18% of excess over $47,000 |
| $49,000 | $51,000 | $3,000 plus 19% of excess over $49,000 |
| $51,000 | $53,000 | $3,380 plus 20% of excess over $51,000 |
| $53,000 | $55,000 | $3,780 plus 21% of excess over $53,000 |
| $55,000 | $57,000 | $4,200 plus 22% of excess over $55,000 |
| $57,000 | $59,000 | $4,640 plus 23% of excess over $57,000 |
| $59,000 | $61,000 | $5,100 plus 24% of excess over $59,000 |
| $61,000 | $63,000 | $5,580 plus 25% of excess over $61,000 |
| $63,000 | $65,000 | $6,080 plus 26% of excess over $63,000 |
| $65,000 | $75,000 | $6,600 plus 27% of excess over $65,000 |
| $75,000 | $85,000 | $9,300 plus 28% of excess over $75,000 |
| $85,000 | $95,000 | $12,100 plus 29% of excess over $85,000 |
| $95,000 | $105,000 | $15,000 plus 30% of excess over $95,000 |
| $105,000 | $115,000 | $18,000 plus 31% of excess over $105,000 |
| $115,000 | $125,000 | $21,100 plus 32% of excess over $115,000 |
| $125,000 | $135,000 | $24,300 plus 33% of excess over $125,000 |
| $135,000 | $145,000 | $27,600 plus 34% of excess over $135,000 |
| $145,000 | $155,000 | $31,000 plus 35% of excess over $145,000 |
| $155,000 | $175,000 | $34,500 plus 36% of excess over $155,000 |
| $175,000 | $195,000 | $41,700 plus 37% of excess over $175,000 |
| $195,000 | $225,000 | $49,100 plus 38% of excess over $195,000 |
| $225,000 | $255,000 | $60,500 plus 39% of excess over $225,000 |
| Exceeding $255,000 | $72,200 plus 40% of excess over $255,000 | |
Gift Duty
The duty exempt level for gifts made in any one year has been increased from $4000 to $8000. The new gift duty rates which apply to gifts made on and after 30 July 1976 are:
| Value of Dutiable Gifts | Rate (Note: Excess means excess of the Value in complete $'s.) | |
|---|---|---|
| Not Exceeding $8,000 | Nil | |
| Exceeding | Not Exceeding | |
| $8,000 | $10,000 | 9% of excess over $8,000 |
| $10,000 | $12,000 | $180 plus 10% of excess over $10,000 |
| $12,000 | $14,000 | $380 plus 11% of excess over $12,000 |
| $14,000 | $16,000 | $600 plus 12% of excess over $14,000 |
| $16,000 | $18,000 | $840 plus 13% of excess over $16,000 |
| $18,000 | $20,000 | $1,100 plus 14% of excess over $18,000 |
| $20,000 | $22,000 | $1,380 plus 15% of excess over $20,000 |
| $22,000 | $24,000 | $1,680 plus 16% of excess over $22,000 |
| $24,000 | $26,000 | $2,000 plus 17% of excess over $24,000 |
| $26,000 | $28,000 | $2,340 plus 18% of excess over $26,000 |
| $28,000 | $30,000 | $2,700 plus 19% of excess over $28,000 |
| $30,000 | $32,000 | $3,080 plus 20% of excess over $30,000 |
| $32,000 | $34,000 | $3,480 plus 21% of excess over $32,000 |
| $34,000 | $36,000 | $3,900 plus 22% of excess over $34,000 |
| $36,000 | $38,000 | $4,340 plus 23% of excess over $34,000 |
| $38,000 | $40,000 | $4,800 plus 24% of excess over $38,000 |
| Exceeding | $40,000 | $5,280 plus 25% of excess over $40,000 |