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| Thread ID: 98296 | 2009-03-19 04:32:00 | Income tax on cash gifts | george12 (7) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 757706 | 2009-03-19 20:25:00 | It's definitely a no. | andrew93 (249) | ||
| 757707 | 2009-03-19 21:06:00 | So andrew93, you are saying that NO Income Tax needs to be paid on a gift of $100 which will be given each month? | zqwerty (97) | ||
| 757708 | 2009-03-19 21:08:00 | no because that will total $1200. search.ird.govt.nz Gift duty applies when it reaches $27,000 |
utopian201 (6245) | ||
| 757709 | 2009-03-20 01:36:00 | So andrew93, you are saying that NO Income Tax needs to be paid on a gift of $100 which will be given each month? Provided it doesn't meet the definition of income then it isn't taxable in George's hands. A gift of this nature is not, by definition, income. |
andrew93 (249) | ||
| 757710 | 2009-03-20 01:43:00 | Yeah, that figure is all over the place, but $27k is the point where the giver has to pay gift duty. And obviously I checked the IRD website. They don't say either way whether gifts are taxable income. They specifically say that if you are not sure if something is income you must call them to find out. I was hoping somebody knew, and it seems the answer is a fairly definite no. If anyone can confirm or refute this that's cool, otherwise I'll try the IRD again tomorrow. OK george12. What did you find out from the IRD being as we are in tomorrow already? |
Sweep (90) | ||
| 757711 | 2009-03-20 03:40:00 | OK george12. What did you find out from the IRD being as we are in tomorrow already? Well I wasn't going to bother after andrew confirmed that it is definitely not, but just for fun I called the IRD today (their computer system is down today apparently, but at least there's no "overloading"!) and they confirmed that is is not taxable income and can't affect anything (eg student allowance). |
george12 (7) | ||
| 757712 | 2009-03-21 03:00:00 | Divide $100 by 4.33 gives you a result of $23.094688 cents per week. The 4.33 figure is derived by the number of actual weeks in a year rather than the calendar which says there are 52 weeks in a year. I take it that you have noticed that some months include five Saturdays for example. I am interested in Sweeps assertion that there are more than 52 weeks in a year. On the planet I come from there are 365.25 days each year, which if you divide by 7 (the generally agreed number of days in a week) you get 52.18 approximately, which is approximately 1.26 extra days per year. So, for there to be more than 52 weeks in a year you would have to save that 1.28 days for 5.55555 years, and then once in every 5.55555 years Sweep would be correct (if he lived on the same planet as me) :confused: I think it is probably simpler to go with the sytem we use now of 52 weeks a year. |
theother1 (3573) | ||
| 757713 | 2009-03-21 06:17:00 | I am interested in Sweeps assertion that there are more than 52 weeks in a year. On the planet I come from there are 365.25 days each year, which if you divide by 7 (the generally agreed number of days in a week) you get 52.18 approximately, which is approximately 1.26 extra days per year. So, for there to be more than 52 weeks in a year you would have to save that 1.28 days for 5.55555 years, and then once in every 5.55555 years Sweep would be correct (if he lived on the same planet as me) :confused: I think it is probably simpler to go with the sytem we use now of 52 weeks a year. Where do you think I live? I didn't think there was an ISP on any other planet in the solar system other than Earth. According to your figures you come up with 52.18 which I believe is > 52.00. Which is more accurate? An analogue clock which has stopped working or one which loses 1 second a day? You can be 100% certain that the clock which has stopped working is 100% correct exactly twice per day whereas the one that loses 1 second per day takes rather a long time to be accurate. I'll leave the maths to you. I will agree that the clock that loses 1 sec per day is probably more useful BTW. Goes off to calculate what interest I can earn in the event I invest $1,000,000,000,000,000,000.00 for one day at the current interest rate wherever I decide to put the spare cash I have lying around. Had you not noticed that most credit cards charge on a daily basis for any unpaid balance? |
Sweep (90) | ||
| 757714 | 2009-03-22 00:47:00 | Divide $100 by 4 . 33 gives you a result of $23 . 094688 cents per week . The 4 . 33 figure is derived by the number of actual weeks in a year rather than the calendar which says there are 52 weeks in a year . I take it that you have noticed that some months include five Saturdays for example . Very precise calculations - pity you confuse months with years tho :) |
bevy121 (117) | ||
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