2021 End of Financial Year Cryptocurrency Tax Checklist

The end of the financial year is 31 March 2021. This article outlines suggested actions for end of year record keeping and accounting. We recommend you action this today! It will save you time, costs, and unnecessary complexities. The financial…

Tax Overview: Contractor Getting Paid in Cryptocurrency

More contractors are being paid in cryptocurrency. This occurs when a contractor performs services and receives cryptocurrency as payment (instead of NZ dollars). The amount of remuneration (cryptocurrency received for services) will depend on the contracting agreement. It could be…

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…

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…