Inland Revenue is reminding crypto-investors of their tax obligations.  

The agency says it has identified 355 thousand unique crypto-asset users in New Zealand conducting some 57 million transactions. 

It says any profit from selling, trading, or exchanging the assets is taxable as income. 

Tax Partner at Dentons, Bruce Bernacchi told Mike Hosking there’s quite a lot of misunderstandings about crypto out there. 

He says people who aren’t regular share traders don’t pay capital gains when they buy and sell things like shares, but that’s very different than crypto, which is generally seen as being taxable.  

LISTEN ABOVE 

Inland Revenue is reminding crypto-investors of their tax obligations. &nbsp;
The agency says it has identified 355 thousand unique crypto-asset users in New Zealand conducting some 57 million transactions.&nbsp;
It says any profit from selling, trading, or exchanging the assets is taxable as income.&nbsp;
Tax Partner at Dentons, Bruce Bernacchi told Mike Hosking there’s quite a lot of misunderstandings about crypto out there.&nbsp;
He says people who aren’t regular share traders don’t pay capital gains when they buy and sell things like shares, but that’s very different than crypto, which is generally seen as being taxable. &nbsp;
LISTEN ABOVE&nbsp;

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Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

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Bruce Bernacchi: Tax Partner at Dentons on Inland Revenue contacting crypto-investors over unpaid tax

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/88bd4909-6ed6-4de5-87b3-b43301507e7c/transcript