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spoonboy

126 posts

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

Cheers,

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wellygary
4992 posts

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  #1147605 5-Oct-2014 14:47
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khull
1245 posts

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  #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

 
 
 
 


spoonboy

126 posts

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

http://www.interest.co.nz/personal-finance/71048/ird-says-bitcoin-should-be-treated-foreign-currencies-are-tax-purposes 

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.

dejadeadnz
2398 posts

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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.



spoonboy

126 posts

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  #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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