The warning comes as the IRD intends to scrutinise people who actively deal in crypto assets, but aren't declaring income from this in their tax returns. That crypto values have reached new highs means people are well positioned to pay their tax for the 2024 and earlier year, IRD said. Even keeping transactions outside the country is unlikely to hide them from the IRD. The tax department said it receives data from crypto exchanges in New Zealand and overseas, and has signed up to the OECD crypto asset reporting framework. "That means New Zealand works closely with other tax jurisdictions and will get more data on customers' crypto asset transactions outside New Zealand," the department spokesperson said.

Source: Stuff July 04, 2024 11:34 UTC