19 Oct 2018
WONG v COMMISSIONER OF INLAND REVENUE [2018] NZHC 2729
- Citation
- [2018] NZHC 2729
- Court
- High Court
Appeal dismissed: appellant failed to discharge the onus to prove the Commissioner's reconstruction and quantify any error; interest deductions require proof that the specific underlying debt was used to derive the appellant's assessable income and that nexus was established; expenses for Upland Road belonged to the trust and were not deductible by the appellant absent an agreement allocating trust income to him; overstating carried forward losses by failing to file returns can constitute a 'tax shortfall' and support imposition of shortfall penalties under the Act even where no tax was payab…