Mar 25, 2021
Craig MacGregor is the founder of Taxoshi, a cryptocurrency tax calculator that helps Kiwis understand their crypto tax position. Taxoshi’s algorithms automate the currency conversions and calculate your trading and mining loss and profit in accordance with the cryptocurrency guidance from the New Zealand IRD. Use the discount code “bravenewcoin” to get a 10% discount if you use Taxoshi.
Why you should listen:
Craig has been in the blockchain space for a number of years and is a co-founder of the Navcoin project. After making some capital gains from early crypto trading, Craig wanted to declare these to the IRD. He saw that there was a need for a simple solution that could help other Kiwis calculate their tax position quickly and easily. He built Taxoshi as that solution.
Key takeaway:
The IRD’s position is that any time an individual makes a crypto to crypto trade, that is a taxable event that should be declared. The IRD estimates that there are between 25,000 and 100,000 people in New Zealand who have a tax obligation on their crypto assets. If you’ve never filed before, the IRD is currently allowing for voluntary disclosures from previous years.