Estate and Gift Duties Act 1968
Archived legislative commentary on the Estate and Gift Duties Act 1968 from PIB vol 48 Mar 1969.
This commentary item was published in Public Information Bulletin Volume 48, March 1969
In Public Information Bulletin 46 we gave some details of the Estate and Gift Duties Act 1968 which applies from 1 January 1969.
There are two more important points -
Notice of Payments and Dispositions without Administration
Three changes have been made regarding notices of payment without administration pursuant to and Act. These are -
- Notices are now required or transfers and other alienations of property, as well as payments.
- Notices will not be needed for amounts or $500 or less. This will do away with many notices for small amounts.
- The Commissioner may, on request. make special arrangements modifying the provisions.
Any such request should be made to the local tax office.
Increase in Duty Free Limit
From 19 July 1968 the amount which can be gifted without ditty in any twelve month period is $4,000. However a gift statement form IR635, is still needed when the gifts made in any twelve month period exceed $2,000.