I'm not a tax expert but I've owned and operated a traditional business for 15 or so years.
Recently, I have been researching what the best way to buy crypto currencies and which countries have their shit together, making this a viable business if you legitimately want to operate and pay your taxes.
New Zealand isn't one of them, New Zealand is a terrible place to buy crypto currencies if you're legitimately going to pay taxes. Why? They treat it the same as a foreign currency, meaning that if you get gains, at the end of financial year, you have to pay 28cents out of every dollar (income tax) even though you haven't cashed in your crypto.
Now, if you've been smart enough to make a great investment on bit coin many, many years ago and you're not ready to cash in, you'd probably be broke by now.
New Zealand, get with the times, this could be a great opportunity to create an attractive environment for crypto investors which we all know is going to be larger than life in the coming decade.
Now, I understand that many readers of this are buying crypto to avoid taxes but my personal opinion is that I'm happy to pay tax if money is being made and I can sleep easy at night. Operate it legitimately and it's easy to turn into tangible assets such as property. Property is likely to hold a relative value regardless of what currency the mainstream adopts.
Australia on the other hand, has pulled finger and is allowing people to treat crypto currencies like gold and silver.
You only pay tax, once you cash it in!
HOORAY!
Again, I'm not a tax expert but from what I understand, the UK is treating it like a foreign currency too. FFS!
Any comments and thoughts from people more intelligent than me on this blog would be awesome.