Here at BitPrime, we are often asked by customers about tax obligations and laws regarding cryptocurrencies. As we are not able to provide financial advice, we recommend you speak to a tax agent or contact IR directly with any queries.
Below you will find a list of resources provided by the likes of the Reserve Bank, FMA, and IR. We will add to this list as more articles are published.
Reserve Bank of New Zealand
Crypto-currencies – An introduction to not-so-funny moneys
Published in November 2017, this report introduces distributed ledger technology (DLT) and cryptocurrencies in an aim to increase public understanding and highlight associated risks.
The pros and cons of issuing a central bank digital currency
This report, from June 2018, describes the disruption of the financial services industry over the past decade by new technologies including Bitcoin. The author looks at the pros and cons of a digital currency issued by a central bank as a means of taking advantage of technological advancements.
Do you get paid in crypto?
Check out Inland Revenue’s latest update on income tax for crypto-assets received by employees as remuneration:
Cryptocurrency and Tax
The homepage for Inland Revenue’s cryptocurrency-related articles including FAQs.
GST Policy Issues
Financial Markets Authority
FMA commentary on ICOs and cryptocurrencies
A media release from October 2017 covering the FMAs views on ICOs, cryptocurrency services, and investor resources.
The FMAs Ways to Invest content on cryptocurrencies.
Tim Doyle, of AgBiz Accountants, is a Chartered Account who prepares financial statements and income tax returns that involve cryptocurrency. He has written articles covering topics such as the tax difference between holding and trading cryptos, the effect of hacks on tax, and non-taxable gains. These articles are available here.
Disclaimer: The above references an opinion and is for informational purposes only. Do not take this as personalised financial or investment advice. The opinions expressed by the author do not represent the opinion of BitPrime.
Last updated: 13/08/2019