Not worth a binding ruling (unless Harmoney did a product ruling) but maybe someone should submit a question for a QWBA (is there a formal way to do that or do they just answer what they want?).
For those wanting more info, I think this is the relevant section:
http://www.legislation.govt.nz/act/p...LM1513650.html
Most punters would fall under subsection (2) (deduction limited to accessible income) but a deduction can be claimed for capital loss if you fall under subsection (3).
The question being does holding hundreds of loan notes make you a person who "carries on a business for the purpose of deriving assessable income that includes dealing in or holding financial arrangements that are the same as, or similar to, the financial arrangement"