Nine To Noon IRD increases view of crypto activity
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Mar 23, 2026 Ian Fay, a Deloitte partner who advises on crypto tax and compliance. He explains which platforms must report user identities to IRD and how swaps and DeFi lending can trigger taxable disposals. He covers timing of gains versus losses, recordkeeping challenges with international platforms, and how indirect exposure via funds changes tax treatment.
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Crypto Platforms Must Report User Identities
- From April 1 New Zealand crypto platforms must collect user identities and tax residency and report annually to IRD for seven years.
- This expands IRD visibility from near zero for offshore activity to comprehensive reporting of New Zealand tax residents' trades.
Decide Purpose On Acquisition
- Determine your purpose when acquiring a crypto asset because that purpose decides how disposals are taxed.
- Swapping one crypto for another is a disposal and can trigger tax on any profit even if you never cashed out to NZD.
Gains Taxed Before Replacement Losses
- You cannot net a gain from one crypto swap against a later loss on the replacement asset unless both disposals crystallise in the same tax year.
- Timing matters: gains taxed when you dispose, losses only when you later dispose the replacement.