Read our take on the NZ Inland Revenue’s guidance on tax on cryptocurrencies. This article will talk through the guidance in simple terms, bust a few of these myths and show you how to get your crypto taxes under control quickly and easily.
With recent guidance released by Inland Revenue on how to treat certain types of blockchain income and expenses, we’ve been working hard to integrate these into our platform. Taxoshi now supports reporting for airdrops, hard forks, mining & staking, liquidity providing & other de-fi earnings, as well as stolen & lost cryptoassets, interest & other expenses, and network fees.
The latest addition to our growing list of supported exchanges is the Exodus Wallet. Exodus is primarily a multi crypto wallet that is available across Desktop, Mobile and Hardware. The wallet supports over 100 crypto assets and has a built in swap feature where you can exchange one crypto for another directly from within the wallet.
After months of development, internal testing and discussions with Inland Revenue, we are proud to announce we are now ready to launch Taxoshi’s public beta program. If you signed up for the beta program, you are now eligible to use the platform and receive your 50% discount on the reports you generate.
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.