You cannot copy content of this page

Welcome to FSP Tax-News
Your daily New Zealand tax news service
Continuously updated through the day

Wellington Head Offices

44 Mairangi Road, Wadestown
Wellington 6012, NZ

Customer Services
Phone: + 64 4 830 3351
Email: enquiries@fspfinancial.co.nz

Business Development Team
Phone: + 64 4 888 1324
Email: info.wellington@fspfinancial.co.nz

Cork City Offices, Ireland

Commerce House, Office 103
Washington Street West
T12NCF2 Cork City
Republic of Ireland

Phone: + 353 212 028 051
enquiries.ie@atrium-associates.com

Altrincham Offices, UK

Peel House, 30 The Downs, Ste 28
Altrincham, Cheshire, WA14 2PX
England

Phone: + 44 161 3941 173
Email: info.altrincham@fspfinancial.co.nz

New Zealand Updates Virtual Currency Tax Guidance

Posted on 09-10-2020

New Zealand’s Inland Revenue on September 7, 2020, announced the release of updated guidance on the tax treatment of crypto-assets in New Zealand, including virtual currencies.

The guidance explains that cryptoassets are treated as property for tax purposes. There are no special tax rules for cryptoassets but income derived from selling, trading, or exchanging them is taxable.

The guidance clarifies how ordinary income tax rules apply to cryptoassets to help taxpayers understand their tax obligations.

The guidance, divided into guidance for businesses and individuals, sets out the rules for selling, trading, swapping, lending or mining cryptoassets. It sets out the records that must be kept, how to calculate New Zealand dollar values for crypto-assets, rules regarding calculating income and expenses, and tax filing requirements.

New Zealand’s Inland Revenue on September 7, 2020, announced the release of updated guidance on the tax treatment of crypto-assets in New Zealand, including virtual currencies.

The guidance explains that cryptoassets are treated as property for tax purposes. There are no special tax rules for cryptoassets but income derived from selling, trading, or exchanging them is taxable.

The guidance clarifies how ordinary income tax rules apply to cryptoassets to help taxpayers understand their tax obligations.

The guidance, divided into guidance for businesses and individuals, sets out the rules for selling, trading, swapping, lending or mining cryptoassets. It sets out the records that must be kept, how to calculate New Zealand dollar values for crypto-assets, rules regarding calculating income and expenses, and tax filing requirements.