Our story so far
While cryptocurrencies have been around since 2009, many tax departments including New Zealand’s Inland Revenue Department have only recently announced their guidance on how cryptocurrency mining, trading and income should be treated. The complexity of the guidance which has been issued makes it arduous and complex to correctly comply with the regulations, even with the best of intentions.
With only a small number of cryptocurrency transactions, the effort required by an accountant to calculate profit/loss will quickly add up and most accountants are not experts in cryptocurrency tax treatment.
Being actively involved in the blockchain industry for years, Taxoshi’s founder Craig MacGregor has by necessity been across New Zealand’s cryptocurrency tax guidelines and had to navigate it for his own tax returns. Upon first reviewing Inland Revenue’s guidance it became apparent the process would be impossible for him to manually calculate so he wrote a program to automate the process and Taxoshi was born.
Taxoshi aims to leverage our years of blockchain industry experience, cryptocurrency investment exposure and software engineering skills to build a cryptocurrency tax calculator that is so easy to use that anyone can comply with increasingly complex cryptocurrency taxation guidance in a few simple steps.
Our goal is to further legitimise the cryptocurrency sector by providing deeper compliance to the blockchain ecosystem globally.
About the platform
The Taxoshi platform is designed to make figuring out your crypto tax obligations a hassle free and fast experience for even the most novice users. Taxoshi guides users through a simple wizard process to upload their exchange data and/or mining addresses and then provides a report based on the data which has been provided.
The platform is intuitive but configurable. Based on your metadata we set your location, currency and tax year for processing while leaving these options able to be manually configured. You can also review the currencies you’ve traded and flag any which should not be included in your tax calculation if you believe them to be exempt.
Once your reports are selected and configured, we calculate your pricing tier based on the data you’ve uploaded and generate your reports. Each report gives an overview of your tax position which should be all you need to provide your accountant or file your own tax return. Along side the summary you will receive a detailed break down of each cryptocurrency that was traded or mined and the profit, loss and token position you ended the year with according to the data you input.
Where we’re going
Taxoshi is currently focused on helping New Zealanders comply with Inland Revenue’s guidance on cryptocurrency taxation. At launch we’re supporting the most popular local and international exchanges which New Zealanders use.
We’re working quickly to onboard other popular local and international exchanges to make sure all New Zealanders can use Taxoshi to help with submitting their tax returns by July 7. We’ll also be adding Bitcoin and Ethereum mining in the coming weeks and other blockchains and exchanges based on customer feedback and needs.
Beyond New Zealand we are aiming to increase the number of jurisdictions globally which Taxoshi can calculate for as well as increase the configuration options and expand the platforms capabilities to support advanced traders and institutions.
