People making money from crypto assets should be thinking about their tax obligations, IR says.
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Inland Revenue (IR) has sent its first batch of letters to people who would normally have their tax assessed automatically, and who Inland Revenue are aware have traded crypto assets.

The tax department said it had identified 355,000 crypto-asset users in New Zealand who had undertaken 57 million transactions worth a combined $36 billion.

Crypto-assets are treated as a form of property for tax purposes and what people make from selling, trading or exchanging crypto-assets is taxable. Any profit made is treated as income, added to other annual earnings, and taxed within a person’s regular income tax bracket.

Inland…