Cryptocurrencies are gaining ground as investment assets and so are likely to become taxable.
Get in touch if you want to discuss the tax implications of your holdings.
The Growth of Cryptocurrencies underlies the need for comprehensive tax reform in NZ especially in relation to capital
We’re going to hear a lot more about cryptocurrencies and blockchain technology as they move (very rapidly) into the mainstream. As Professor Alex Sims pointed out recently regulators are struggling to keep up with both the pace of change and the likely implications.
Inland Revenue like many other tax authorities around the world is still figuring out the income tax and GST implications of cryptocurrencies. Other than noting in 2014 that cryptocurrencies received in exchange for goods and services are taxable, Inland Revenue has not yet released any guidance on the tax treatment of cryptocurrencies.
So, what is the income tax treatment of cryptocurrencies? Read more from Terry's article on Cryptocurrencies and taxation.