Question from viv updated on 27th May 2019:
My mother, who lives overseas, is selling one of her properties and wants to gift me the money so we can buy property here in New Zealand. We plan to use the money for a deposit for the property here. I have been a New Zealand tax resident for almost nine years. I'm wondering what my tax obligations are here in New Zealand with regards to the gifted money?
Our expert Mark Withers responded:
The receipt of money gifted in consideration of natural love and affection is not taxable.
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.