Crypto accounting is a new and exciting field. The first decentralized cryptocurrency Bitcoin was released in 2009, and since then we’ve seen a rapid evolution of the crypto industry.
In 2023, there are more than 20,000 different cryptocurrencies and tokens available and 100 different types of crypto assets, from coins to NFT’s (and everything in between). Governments have been playing catchup on how to effectively tax these activities, with New Zealand taking its cue from the OECD countries in tax legislation for what it calls crypto assets.
Inland Revenue Department has identified transactions which will fall within tax activity and will be taxable. Rules around these can be complex. For anyone trading or investing in this space it is essential to get tax advise around their activities.
Our team at Elite Accounting have worked with all types of Crypto traders, those having invested thousands to those trading in millions. We ourselves have been involved in this industry hence know how it operates. It is essential for an accountant to know how the industry operates to be able to give you the correct advice, accounting and tax treatment of your activities.
