Chartered Accountants and Cryptocurrency Specalists
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…
Read More NZ Government launched cryptocurrency inquiry to understand benefits and risks
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…
Read More Podcast: How cryptocurrency will be taxed with Tim Doyle
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…
Read More Inland Revenue Requests Information from New Zealand Cryptocurrency Companies
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…
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
The purpose of this article is to highlight cryptocurrency Goods and Services Tax (GST) risks and uncertainties. Specifically, how New Zealand taxpayers involved in cryptocurrency are disadvantaged due to existing GST legislation. We have requested further information and clarification from…
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.…
