Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

126 posts

Master Geek

#153693 5-Oct-2014 11:38
Send private message

does anyone know what's the legal status of bitcoins in NZ?
Like, do you I need to add GST when selling them etc?


Create new topic
4756 posts

Uber Geek

  #1147605 5-Oct-2014 14:47
Send private message
1245 posts

Uber Geek

  #1147639 5-Oct-2014 16:03
Send private message

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
Send private message

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.

2151 posts

Uber Geek


  #1147926 5-Oct-2014 23:36
Send private message

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
Send private message

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.

Create new topic

News »

D-Link A/NZ extends COVR Wi-Fi EasyMesh System series with new three-pack
Posted 4-Aug-2020 15:01

New Zealand software Rfider tracks coffee from Colombia all the way to New Zealand businesses
Posted 3-Aug-2020 10:35

Logitech G launches Pro X Wireless gaming headset
Posted 3-Aug-2020 10:21

Sony Alpha 7S III provides supreme imaging performance
Posted 3-Aug-2020 10:11

Sony introduces first CFexpress Type A memory card
Posted 3-Aug-2020 10:05

Marsello acquires Goody consolidating online and in-store marketing position
Posted 30-Jul-2020 16:26

Fonterra first major customer for Microsoft's New Zealand datacentre
Posted 30-Jul-2020 08:07

Everything we learnt at the IBM Cloud Forum 2020
Posted 29-Jul-2020 14:45

Dropbox launches native HelloSign workflow and data residency in Australia
Posted 29-Jul-2020 12:48

Spark launches 5G in Palmerston North
Posted 29-Jul-2020 09:50

Lenovo brings speed and smarter features to new 5G mobile gaming phone
Posted 28-Jul-2020 22:00

Withings raises $60 million to enable bridge between patients and healthcare
Posted 28-Jul-2020 21:51

QNAP integrates Catalyst Cloud Object Storage into Hybrid Backup solution
Posted 28-Jul-2020 21:40

Vector and AWS join forces to accelerate the future of energy
Posted 28-Jul-2020 21:35

JBL launches new mobile earbuds and PC speakers
Posted 22-Jul-2020 16:04

Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.

Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron

Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.