5 Sept 2014
CONCEPTS 124 LTD v COMMISSIONER OF INLAND REVENUE [2014] NZHC 2140
- Citation
- [2014] NZHC 2140
- Court
- High Court
The Court held that Concepts 124 and Ormiston were associated persons under s 2A(1)(a)(i) because the statutory measurement and attribution rules (YA/YC) operate to attribute the voting interests carried by shares held by corporate trustees to the ultimate shareholder for the purpose of determining voting interests and control; alternatively, Mr Cummings also exercised control of Ormiston by other means via his control of the corporate trustee and trustee appointment powers, so s 2A(1)(a)(iii) is satisfied; accordingly Concepts 124's input tax credit entitlement is limited to $94,111.12.