IRD issues warning to crypto holders ahead of audits

The tax department issued letters to customers with “significant cryptoassets” who may not have paid the appropriate tax. (Image: Unsplash)

Staff reporters

Thu, 04 Jul 2024

The Inland Revenue Department has announced it will be “honing in” on cryptocurrency holders who fail to declare their income in their tax returns.In a media release, Inland Revenue Department (IRD) representative Trevor Jeffries said the tax department issued a second round of letters to customers with “significant crypto-assets” who may not have paid the appropriate tax, the first round being sent last year.He said that the IRD has identified 227,000 crypto-asset users in NZ, with around 7 million transactions wit...

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