An Auckland property developer has been jailed for 4 1/2 years for tax evasion after he claimed GST refunds on property acquisitions over 3 years and then failed to account for GST or income tax on the sales.
It was deliberate evasion according to the court.
Inland Revenue has been strategically focussing on the real estate sector and property developers in particular for some years now. It’s been a successful strategy and this sort of case shows that a few people just simply refuse to own up to their tax obligations.
IRD will be well pleased with this outcome I suspect, and rightly so.