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126 posts

Master Geek

#153693 5-Oct-2014 11:38
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does anyone know what's the legal status of bitcoins in NZ?
Like, do you I need to add GST when selling them etc?


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7377 posts

Uber Geek

  #1147605 5-Oct-2014 14:47
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Get easy to use, easy to install Norton antivirus protection against advanced online threats (affiliate link).
1245 posts

Uber Geek

  #1147639 5-Oct-2014 16:03
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Good time to buy some as well given they are about 50% retracement from $600 days


126 posts

Master Geek

  #1147662 5-Oct-2014 17:01
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IRD appears to say "treat them as a currency" rather than a good, 

How would they look at a btc mining business then? Let's say I invested in a btc mining farm and wanna sell the bitcoins produced.

2394 posts

Uber Geek
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  #1147926 5-Oct-2014 23:36
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OP: Look at ss 5, 6, and 8 of the Goods and Services Tax Act. If you are going to farm bitcoins and then sell them within NZ, it's a taxable supply.


126 posts

Master Geek

  #1148681 6-Oct-2014 21:56
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dejadeadnz: OP: Look at ss 5, 6, and 8 of the Goods and Services Tax Act. If you are going to farm bitcoins and then sell them within NZ, it's a taxable supply.

This advice assumes that BTCs are considered as goods not as a foreign currency. But it can't be both. You either consider it as a currency or as goods. Let's say I've mined some btc and then use them to pay for some service or goods. This leads to a paradox. In US they decided to treat btc as assets. Fine, now you know how to deal with it in US. In Spain, AFAIK, BTCs are considered as a currency. But treating BTCs as a currency and an asset at the same time is nonsense.

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