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A club for Kiwis

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  2. Great thanks for the link , a good read.
  3. I great summary of the state of crypto in NZ, well worth reading.
  4. Interesting article here on bitprime's website. https://www.bitprime.co.nz/blog/cryptocurrency-banking-new-zealand/
  5. Truckdriver

    NZ tax rules

    Bitcoin & Other Cryptocurrencies – How to Tax? 24 April 2018 Inland Revenue has recently given an update on its thinking on how Bitcoin and other cryptocurrencies should be dealt with from a tax perspective. Inland Revenue considers cryptocurrencies as property, rather than currency or money. This means that the normal tax rules that apply to personal property also apply to cryptocurrency. A person that deals in cryptocurrency or acquires cryptocurrency with a purpose of disposal is subject to tax on any profit realised. As cryptocurrencies only produce a benefit when the holder sells or exchanges them. Inland Revenue considers that a person will have acquired a cryptocurrency with the purpose to sell or exchange, even if held as an investment rather than for dealing purposes. Therefore, Inland Revenue considers the proceeds of selling or exchanging cryptocurrency as taxable income. Inland Revenue considers mining cryptocurrencies an activity that a person undertakes with the purpose of making a profit. It is either a business or a profit-making scheme, meaning any payment or reward (such as a bitcoin) received from mining will be taxable income. Of course, the person can claim a deduction for any expenses incurred in mining cryptocurrencies, such as depreciation on the computer used. When a business receives cryptocurrency in payment for goods and services the business must find the value of the cryptocurrency in New Zealand dollars (NZD) at the time the business received it. If the exchange does not provide a NZD value for the cryptocurrency at the time of receipt, the business must use a conversion rate from a reputable exchange to convert the cryptocurrency to NZD. If no conversion rate to NZD is available, the business must convert the cryptocurrency to US dollars and the US dollars to NZD. Because cryptocurrency is not money its supply will be subject to GST when made in the course or furtherance of a taxable activity. Mining cryptocurrency will generally be a taxable activity. Whether investing or dealing in cryptocurrency is a taxable activity will depend on the continuity or regularity of the activity involved. A registered person must account for GST on goods and services paid for with cryptocurrency as with any other supply. From my accountant
  6. SaladFingers

    NZ tax rules

    https://www.agbizaccountants.nz/page/cryptocurrency-end-of-year-tax-guide/
  7. SaladFingers

    NZ tax rules

    Articals from bitprime.co.nz https://www.bitprime.co.nz/blog/non-taxable-cryptocurrency-gains/ https://www.bitprime.co.nz/blog/tax-differences-trading-vs-holding-cryptocurrency/
  8. Trickery

    Vimba

    Has anyone ever heard of this startup? https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12152717 It's an exchange but only offers BTC and ETH
  9. SaladFingers

    NZ tax rules

  10. BLPinfinity

    NZ tax rules

    Lol my bad!!
  11. SaladFingers

    NZ tax rules

    It's that exact page of 'clarity' from the IRD that inspired me to start this thread ?
  12. Trickery

    NZ tax rules

    They say you need to pay tax if you exchange it for crypto or fiat so what would happen if say I buy a car with XRP? Does that constitute a return on a speculative investment? the clarity is seeming murkier by the minute.
  13. BLPinfinity

    NZ tax rules

    That's a good point. I wonder if that is a potential loop hole. In saying that there is no other income derived off them like rent from a property. i.e buying a house and holding for more than two years is seen as an investment as you are deriving an income from an asset regarlrss if you change your mind after 2 years and sell it. with crypto they are saying the only reason you buy it is to sell it at a profit later.
  14. Trickery

    NZ tax rules

    One thing I noticed was that crypto is regarded as property unless you bought it for speculation which kinda makes no sense, I would have thought capital gains rules would apply i.e no tax after 2 years the same as a house.
  15. BLPinfinity

    NZ tax rules

    Yea. Sadly means the govt get a 3rd of our profit though. There must be some clever ways this can be rolled into other investments etc to mitigate some of this though. How I don't exactly know lol.
  16. Trickery

    NZ tax rules

    Hooray at last we have some clarity.
  17. BLPinfinity

    NZ tax rules

    @Trickery some clarity from the IRD March 28th published. http://www.ird.govt.nz/income-tax-individual/cryptocurrency-qa.html
  18. Scaremongering by the old boys.
  19. Linkie So issuing $NZD.RB on XRPL could bring down the entire banking industry and make the crypto-anarchist dream come true! Stupid BitCon maxamilists think they are gonna change the world. The power resides where it has always been, the Central Bank.
  20. I think NZ and Aus are quite far ahead with personal banking. Most (if not all) shops etc in the UK still have a minimum spend for debit card transactions, I always get the look of absolute disbelief from a shopkeeper during visits when I forget and try to buy a pack of chewing gum with my card.
  21. What's a cheque book again? Oh yeah one of those papery things we had last century.
  22. It's just robbery! SWIFT doesn't help the situation. Interesting the AUS side of the business has dropped their fees but they left it the same in NZ, cheeky buggers. Still go it good with banking in NZ and AUS. Here in the US everyone is still using cheques and its an absolute nightmare to do an AP to someone. I laughed when the bank teller asked me if I wanted 1 or 2 cheque books when I opened an account......turns out she was serious lol.
  23. Nah, didn't see that (I rarely read the Herald), absolutely disgusting amount to charge. One thing that always amazes me is how few people know about Transferwise and Currencyfair.
  24. https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12046868 Did anyone else see this in the Herald?
  25. BLPinfinity

    NZ tax rules

    Yip I will be seeking other options that's for sure. I can't see that happening though especially. Ripple are dead confident xrp is not a security and have said publicly it is categorically not a security.
  26. kiwixrp

    And the winner is.....

    My last NZ made one ...?unless someone can find me some more and ship them to Dubai.
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