If you are purchasing cryptocurrency as a speculative investment to make money, you likely accept that any profits are taxable income. Likewise, if you are in the business of dealing in cryptocurrency you likely accept that business profits are taxable…
Author: Tim Doyle
Accountant – Intermediate/Senior with an interest in Cryptocurrency
Company: Evans Doyle Limited Location: Cambridge Type: Full time, This is an exciting opportunity to join NZ leading cryptocurrency accounting firm. We service cryptocurrency taxpayers involved in multiple activities from $50k to $50m invested. Rapid growth in the business brings…
Read More Accountant – Intermediate/Senior with an interest in Cryptocurrency
How a trade can go from bad to worse – tax implications of making cryptocurrency trades
This article outlines how a loss-making crypto trade may result in a combined profit (and subsequent tax to pay). Yes, this may seem strange, almost unfair, and the entire cryptocurrency portfolio including historical cost basis needs to be considered. We…
Read More How a trade can go from bad to worse – tax implications of making cryptocurrency trades
2021 End of Financial Year Cryptocurrency Tax Checklist
The end of the financial year is 31 March 2021. This article outlines suggested actions for end of year record keeping and accounting. We recommend you action this today! It will save you time, costs, and unnecessary complexities. The financial…
Read More 2021 End of Financial Year Cryptocurrency Tax Checklist
Cryptocurrency Tax Webinars – March 2021
Purchase a copy of the foundation recording here (note: you will pay via PayPal and receive a copy of the recording - do not refresh your browser) Purchase a copy of the advance recording here (note: you will pay via…
Tax Overview: Contractor Getting Paid in Cryptocurrency
More contractors are being paid in cryptocurrency. This occurs when a contractor performs services and receives cryptocurrency as payment (instead of NZ dollars). The amount of remuneration (cryptocurrency received for services) will depend on the contracting agreement. It could be…
Read More Tax Overview: Contractor Getting Paid in Cryptocurrency
Cryptocurrency Tax Basics
This article outlines what triggers a taxable event and how to calculate the profit on cryptocurrency transactions. An individual taxpayer includes their profit for the financial year (1 April to 31 March) in their income tax return. The profit is…
How much tax do I pay on my cryptocurrency profits?
Marginal Tax Rates An individual combines their cryptocurrency profits for the financial year (1 April to 31 March) and reports a single profit/loss amount to Inland Revenue (IRD) in their income tax return. The crypto profit is combined with their…
Read More How much tax do I pay on my cryptocurrency profits?
Planning for Tax – Decisions to Consider
Cryptocurrency prices have increased significantly in 2020 and many clients have made money from their investments. Tax liabilities for the financial year ending 31 March 2021 are likely to follow; prepare now. Some clients will keep their profits invested in…
Safe Harbour Tax Overview
Cryptocurrency prices have recently increased significantly in value. This results in many clients currently having significant profits and subsequent tax liabilities. In some cases, IRD will charge interest at 7% pa on any underpaid tax. This article focuses on those…