The IRD has confirmed it plans to target cryptocurrency users who haven't declared it as taxable income.

The department has identified 227,000 users in New Zealand who had made about 7 million transactions with a value of $7.8 billion in the last tax year.

Dentons Kensington Swan tax expert Bruce Bernacchi suspects there's tens of millions of dollars to potentially examine.

"We only have to look at how high some of the crypto asset prices have gone - you've got bitcoin currently trading at $58,000 (USD), four years ago it was $9,000. There's some people who are doing very well."

LISTEN ABOVE

The IRD has confirmed it plans to target cryptocurrency users who haven't declared it as taxable income.
The department has identified 227,000 users in New Zealand who had made about 7 million transactions with a value of $7.8 billion in the last tax year.
Dentons Kensington Swan tax expert Bruce Bernacchi suspects there's tens of millions of dollars to potentially examine.
"We only have to look at how high some of the crypto asset prices have gone - you've got bitcoin currently trading at $58,000 (USD), four years ago it was $9,000. There's some people who are doing very well."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Bruce Bernacchi: Dentons Kensington Swan tax expert on the IRD targeting crypto users who failed to declare it as taxable income

On the Heather du Plessis-Allan Drive Full Show Podcast for Friday July 5 2024, we get the latest from the UK as the Labour Party sweeps to power in the general election. 

Heather speaks to both Auckland councillor Richard Hills and Mayor Wayne Brown after the council voted against the government's proposed speed limit changes. 

Kelly Martin from South Pacific Pictures speaks about Shortland Street being cut to three nights a week. 

And the Sports Huddle previews the All Blacks first test of the year against England in Dunedin. 

Get the Heather du Plessis-Allan Drive Full Show Podcast every weekday evening on iHeartRadio, or wherever you get your podcasts.

LISTEN ABOVE

On the Heather du Plessis-Allan Drive Full Show Podcast for Friday July 5 2024, we get the latest from the UK as the Labour Party sweeps to power in the general election. 
Heather speaks to both Auckland councillor Richard Hills and Mayor Wayne Brown after the council voted against the government's proposed speed limit changes. 
Kelly Martin from South Pacific Pictures speaks about Shortland Street being cut to three nights a week. 
And the Sports Huddle previews the All Blacks first test of the year against England in Dunedin. 
Get the Heather du Plessis-Allan Drive Full Show Podcast every weekday evening on iHeartRadio, or wherever you get your podcasts.
LISTEN ABOVE

Full Show Podcast: 5 July 2024

It's thought Shortland Street should make up a big part of TVNZ's new digital strategy.

Our longest running soap will drop from airing five nights a week in February, to three.

It will now continue with support from NZ On Air and the New Zealand Screen Production Grant.

South Pacific Pictures Chief Executive, Kelly Martin told Heather du Plessis-Allan the show is streamed more 20-million times annually on TVNZ Plus.

She says linear ratings also remain strong, as well as its engaged audience.

LISTEN ABOVE

It's thought Shortland Street should make up a big part of TVNZ's new digital strategy.
Our longest running soap will drop from airing five nights a week in February, to three.
It will now continue with support from NZ On Air and the New Zealand Screen Production Grant.
South Pacific Pictures Chief Executive, Kelly Martin told Heather du Plessis-Allan the show is streamed more 20-million times annually on TVNZ Plus.
She says linear ratings also remain strong, as well as its engaged audience.
LISTEN ABOVE

Kelly Martin: South Pacific Pictures CEO on Shortland Street being cut to three nights a week

The Tories have been totally annihilated in the UK election with a colossal victory for Sir Keir Starmer's Labour Party.

It's won 392 seats, topping the amount needed to form a majority Government by more than 60 seats. 

Meanwhile, controversial Brexit champion Nigel Farage has proved eight times is the charm —finally getting a seat in Clacton— with his right-wing Reform Party scoring four seats.

LBC presenter Henry Riley told Heather du Plessis-Allan the excitement was palpable at the Reform HQ.

LISTEN ABOVE

The Tories have been totally annihilated in the UK election with a colossal victory for Sir Keir Starmer's Labour Party. 
It's won 392 seats, topping the amount needed to form a majority Government by more than 60 seats.  
Meanwhile, controversial Brexit champion Nigel Farage has proved eight times is the charm —finally getting a seat in Clacton— with his right-wing Reform Party scoring four seats. 
LBC presenter Henry Riley told Heather du Plessis-Allan the excitement was palpable at the Reform HQ. 
LISTEN ABOVE

Bruce Bernacchi: Dentons Kensington Swan tax expert on the IRD targeting crypto users who failed to declare it as taxable income

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