21 Aug 2018
ROBERTS v THE COMMISSIONER OF INLAND REVENUE [2018] NZHC 2153
- Citation
- [2018] NZHC 2153
- Court
- High Court
A 'monetary gift' under s LD 3(1)(a) of the Income Tax Act 2007 does not require a cash payment; it includes sums denominated in money such as forgiveness of debt, and 'paid' can be satisfied by crediting/debiting accounts (per s YA1 and common law). Therefore the Deeds of Gift forgiving specified loan amounts to the registered charitable Trust constituted monetary gifts and qualified for charitable tax credits.