31 Mar 2022....Gift Duty has been abolished. However, depending on your circumstances, a Gift may not be effective against creditors,
relationship partners or WINZ.
Contact us first to discuss.
If you are considering making a gift to your adult child to assist him/her to buy a house then consider a loan instead. If your son/daughter is in a relationship or enters a relationship that fails then their partner will likely be entitled to half the house.
If there is a loan agreement prepared by us then on a sale of the house the loan monies are repaid to you from the sale proceeds and can be used to make future loans to your son/daughter. A gift is gone forever and is not taken into account in the division of property on separation.
Conclusion: it is better to lend money to your adult children than gift but don't forget to make appropriate changes to your will.