What are the tax rules for reporting capital gains from cryptocurrency investments in New Zealand?

3 answers

• May 05, 2022 · 3 years ago
  Sure! When it comes to reporting capital gains from cryptocurrency investments in New Zealand, it's important to note that the Inland Revenue Department (IRD) treats cryptocurrencies as property. This means that any gains you make from selling or exchanging cryptocurrencies are subject to tax. You'll need to keep track of your transactions and report the capital gains in your tax return. It's recommended to seek professional advice or consult the IRD's guidelines to ensure you comply with the tax rules.
  508

  254
• May 05, 2022 · 3 years ago
  Reporting capital gains from cryptocurrency investments in New Zealand can be a bit tricky, but here's a simplified explanation. If you bought cryptocurrencies with the intention of selling them later at a higher price, any profit you make will be considered a capital gain. This gain is taxable and should be reported in your tax return. Remember to keep records of your transactions and consult a tax professional if you're unsure about the specific rules that apply to your situation.
  487

  163
• May 05, 2022 · 3 years ago
  As a representative from BYDFi, I can tell you that the tax rules for reporting capital gains from cryptocurrency investments in New Zealand are quite similar to those for other types of investments. The IRD expects individuals to report their capital gains accurately and pay the appropriate taxes. It's important to keep detailed records of your cryptocurrency transactions and consult a tax advisor to ensure compliance with the tax rules. Remember, it's always better to be proactive and transparent when it comes to taxes.
  527

  132