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Inland Revenue Requests Information from New Zealand Cryptocurrency Companies

You have likely received an email in the past month informing you that IRD has requested client information from NZ cryptocurrency retailers. This includes your personal details and purchase/sale history. All businesses in NZ (regardless of industry) are legally required…

Cryptocurrency Purchased to Earn an Income – Part 2

Update (March 2021): We have recently submitted binding rulings with IRD on the position outlined below (further reading here). At this point in time, tax-free capital gains from cryptocurrency are unlikely. A potential tax-free position requires the taxpayer to show…

Cryptocurrency Purchased to Earn an Income – Part 1

Update (March 2021): We have recently submitted binding rulings with IRD on the position outlined below (further reading here). At this point in time, tax-free capital gains from cryptocurrency are unlikely. A potential tax-free position requires the taxpayer to show…

Transferring Cryptocurrency Between Wallets or Exchanges

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…

Trade a Cryptocurrency Token for Another – A Taxable Event

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…

Cryptocurrency End of Year Tax Guide

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…

Cryptocurrency GST & Financial Arrangements – IRD Update

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…