Nobody from IRD has contacted me yet but I'm guessing I'll get a letter around April time.

Did anything become of this?

Got an email from bitprime today saying ird are making them hand over customer info. Hopefully this means they have some more concrete guidelines ready for crypto and this is not Just another way for us to have money taken from us.

https://markets.businessinsider.com/news/stocks/new-zealand-legalizes-cryptocurrency-salaries-including-bitcoin-2019-8-1028442320

https://www.rnz.co.nz/news/in-depth/395731/is-nz-dragging-the-blockchain

Hey mate - yes I used to follow them on twitter last year. You may remember them as MyCryptoSaver - they rebranded to Vimba late last year. As I remember they enabled people new to crypto to invest small amounts regularly into BTC & ETH. Its a platform marketed as helping people build up crypto portfolios without necessarily having to understand the ins and outs of those 2 digital assets. I remember them because they posted a relatively negative blog post about Ripple/XRP last year. IMO opinion it recycled a lot of the FUD we are used to hearing from BTC maxis. I can't find the article any longer but could find my tweet:

lol They must be expecting to shift a few though. Maybe Samsung has brought crypto to the attention of more mainstream retailers...IDK. Just feels like it won't be too long before the people who think I'm a weird guy throwing my money away will be using crypto themselves when I see stuff like this.

Maybe because they know the market is about to moon?

I can't imagine Noel Leeming are that ahead of the curve are they...? https://www.noelleeming.co.nz/shop/computers-tablets/accessories/cables-chargers-and-adapters/ledger-nano-s-cryptocurrency-hardware-wallet/prod171535.html

Insightful read, thanks for sharing. It’s about time banks started working for their customers, as soon as one steps up the rest will follow.

https://www.newsroom.co.nz/2019/01/28/413230/disrupting-the-bankers?fbclid=IwAR3CicCYzB_ee8azLuC5K3vScMaVk-eFc7oJxnPH3LQ9F-O7-THa53w5qVU An interesting take on where NZ banking is headed in the next two years.

https://bravenewcoin.com/home A kiwi company in West Auckland , A data and research company working with Nasdaq, helping powering Blockchain Finance.

Great thanks for the link , a good read.

A great summary of the state of crypto in NZ, well worth reading.

Interesting article here on bitprime's website. https://www.bitprime.co.nz/blog/cryptocurrency-banking-new-zealand/

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

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

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/

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

Lol my bad!!

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

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.

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.

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.