Shareholder loans, a Kiwi love story

Peter Drennan's advocacy has led to the gutting of the IRD's clampdown on 'shareholder loans', essentially leaving in place a rort that benefits companies buying property and avoiding tax. This decision has significant implications for New Zealand's tax system, as it allows companies to circumvent tax laws and potentially deprive the government of much-needed revenue. The loophole, which was initially intended to prevent individuals from exploiting tax laws, has been exploited by companies to gain an unfair advantage in the property market. This development highlights the need for greater scrutiny and reform of New Zealand's tax laws to prevent such loopholes from arising in the future.