> However, gains made from trading assets, including property, were taxed, and that caught crypto investors as the dominant reason for buying crypto assets is to later sell make a gain, rather than holding them as a long term asset like a home, or rental property.
Unfortunately what constitutes “trading” vs “holding” is ill defined in NZ law. At least with shares you can make a case you’re holding them for dividends, that defence isn’t available for crypto.
> Doyle says many crypto investors mistakenly think they can sell some Bitcoin to buy some Etherium, and that making that a switch like that did not trigger an obligation to pay tax.
Make a stupid rule, be surprised people are non-compliant.
Article seems to suggest if you make gains but lost them later you still need to pay tax on the gain?!
That's strange..
> However, gains made from trading assets, including property, were taxed, and that caught crypto investors as the dominant reason for buying crypto assets is to later sell make a gain, rather than holding them as a long term asset like a home, or rental property.
Unfortunately what constitutes “trading” vs “holding” is ill defined in NZ law. At least with shares you can make a case you’re holding them for dividends, that defence isn’t available for crypto.
If a country gives you zero assurances where it comes to protecting your crypto assets, what is the tax for?
> Doyle says many crypto investors mistakenly think they can sell some Bitcoin to buy some Etherium, and that making that a switch like that did not trigger an obligation to pay tax.
Make a stupid rule, be surprised people are non-compliant.
In New Zealand...In the US there is a crypto startup running out of the Oval Office: https://democrats-judiciary.house.gov/sites/evo-subsites/dem...