Earlier this month, we presented to IRD about claiming tax loss for taxpayers who held cryptocurrency on these platforms. A summary of that presentation can be found here. We have now received a reply to that presentation, and this article…
Category: IRD Update
FTX & Celsius Bankruptcy – IRD Presentation
Note: IRD has now replied to our presentation. They have issues about the timing of the deductibility, and if in fact the tokens are worthless on 31 March 2023 which can be viewed here. Tim recently presented to Inland Revenue…
IRD Guidance on Airdrops
This month, IRD finally published guidance regarding the taxable treatment of airdrops. What is an airdrop? An airdrop is a distribution of tokens without compensation (i.e., for free), generally with a view to increasing awareness of a new token, particularly…
IRD Update: Excluding Cryptocurrency from GST
IRD first mentioned in 2017 that GST legislation has been in progress to remove GST from cryptocurrency. The Australia Tax Office (ATO) updated their legislation in 2017, and by the meetings and discussions we had with IRD, it sounded like…
NZ Government launched cryptocurrency inquiry to understand benefits and risks
An inquiry into the nature, impact and risk of cryptocurrencies has been announced by Parliament's Finance and Expenditure Committee. It will look into the nature and benefits of cryptocurrencies as well as the risks to both users and Aotearoa as…
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Podcast: How cryptocurrency will be taxed with Tim Doyle
Cryptocurrency was once a concept linked to the dark web, apparently untraceable and outside the purview of governments. Obviously, the creators of cryptocurrency never counted on the tenacity of the taxman. We talk to leading cryptocurrency tax consultant Tim Doyle…
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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…
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IRD Cryptocurrency Update
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…
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…
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Cryptocurrency and GST in New Zealand
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)…