A discussion on the Inland Revenue Department's intensified efforts to track and tax cryptocurrency transactions, highlighting new reporting frameworks, rising transaction volumes, and the use of advanced data analytics to identify unpaid tax liabilities.
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No, no. Any time you trade crypto or make a gain on crypto, and that's whether you transfer it back to New Zealand dollars or any other foreign currency, or indeed if you trade between Bitcoin and Ethereum or any other type of crypto asset, that is a transaction that is potentially subject to tax. So it doesn't matter. And the other thing is the IRD's powers of gathering information are increasing from the 1st of April. This year we've implemented a crypto asset reporting framework, which the OECD developed in 57 countries. have signed up to. So we're going to be collecting this information from crypto businesses, crypto exchanges and trading that information with 57 other countries who are collecting the data in their jurisdiction. So there's really no escape.
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potential for offsetting losses against salary income
Bruce Bernacchi: Tax Partner at Dentons on Inland Revenue contacting crypto-investors over unpaid taxSpotted something wrong on this page? Report a correction.
