Chartered Accountants and Cryptocurrency Specalists
The Labour Party has announced that if re-elected, they would introduce a new marginal tax rate of 39% for an individual’s income over $180,000. The 39% tax rate would only apply to income over $180,000 and the remainder of an…
This article is part 2 in our series about cryptocurrency purchased with the intention to earn an income stream. Read Part 1 here. In summary, there is a possibility that an increase or decreases in cryptocurrency values may be on…
Read More Cryptocurrency Purchased to Earn an Income – Part 2
This series of articles is about cryptocurrency purchased with the intention to earn an income stream. The IRD cryptocurrency update provides information about intention and purpose when acquiring cryptocurrency. For the first time, it makes specific reference to tokens that…
Read More Cryptocurrency Purchased to Earn an Income – Part 1
IRD have made an overhaul to their cryptocurrency guidance. Their updated information can be found here. In summary, there are no significant changes or updates to the taxation of cryptocurrency, however the guidelines do provide some (but limited) clarity about…
A transfer of a cryptocurrency token from one wallet to another, or from a wallet to an exchange (or vice versa) is not a taxable event. Before and after a transfer, the cryptocurrency token is owned (and controlled) by the…
Read More Transferring Cryptocurrency Between Wallets or Exchanges
You need to keep records for your cryptocurrency activity. Having a system for keeping accurate tax records, and storing them in an organised way will make it more efficient to prepare financial statements, answer queries from IRD, provide information to…
A shoe shop sells a pair of shoes to a customer – a taxable event. The difference between the sale price to the customer, and the cost price from their supplier, is profit. Like the shoe shop, the sale of…
Read More Trade a Cryptocurrency Token for Another – A Taxable Event
This article outlines our: 1. Tax Summary for Cryptocurrency2. Cryptocurrency End of Year Checklist3. How we can help as cryptocurrency accountants and tax advisers If you have any questions, please don’t hesitate to get in touch Tax Summary for Cryptocurrency IRD…
IRD have released a consultation paper about an exclusion of GST and financial arrangements to cryptocurrencies. In summary, IRD propose to exclude GST and financial arrangement rules from cryptocurrency retrospectively from 1 January 2009. This is positive news for New…
Read More Cryptocurrency GST & Financial Arrangements – IRD Update
Understanding the tax consequences of selling cryptocurrency is an important aspect for cryptocurrency investors. The sale is a key event which crystallises a taxable gain or loss. Until the sale, the gain/loss is “on paper” (or online), telling you how…