Chartered Accountants and Cryptocurrency Specalists
Christmas is coming and from the recent emails we’ve been receiving it sounds like Santa may be delivering cryptocurrency this year. This article will explore the tax implications on gifting and receiving cryptocurrency. Gifting Cryptocurrency A gift of property is…
Read More Tax implications on gifting and receiving cryptocurrency
This article has been updated on 1 November 2021 and GST legislation is changing to remove GST from cryptocurrency. Please refer to the updated article here. The purpose of this article is to highlight cryptocurrency Goods and Services Tax (GST)…
I recently had a phone call with Inland Revenue (IR) discussing common cryptocurrency tax situations we are experiencing. The purpose of the phone call was to discuss these common situations, how we are preparing cryptocurrency financial statements and calculating taxable income.…
We’ve recently been asked to discuss the tax treatment of capital assets purchased for cryptocurrency mining. In most situations capital assets (such as computers or graphics cards) are used 100% for the cryptocurrency mining operation and depreciation is claimed. The…
Read More Tax Treatment of Capital Assets in Cryptocurrency Mining
Update October 2021. Although the same general principles apply, some of this earlier article is now out of date. We have recently published an online learning course for new migrants and New Zealanders returning to NZ after being away for…
Read More Migrating to New Zealand with Cryptocurrency – A Temporary Foreign Tax Exemption
Bitcoin is up 52% this month (so far today). This reminds me of the bull run during late 2017 where checking the blockfolio app on my phone was as addictive as cocaine. Currently we are seeing bitcoin dominate; compared to…
Read More Lessons from the 2017 bull run – from a Cryptocurrency Accountant
Tim Doyle, a Chartered Accountant, joins us to discuss how cryptocurrency taxation is handled in New Zealand. Tim’s been an accountant for over 10 years, and has honed his focus to cryptocurrency taxation for the past couple years. Tim shares…
