Bruce Bernacchi: Dentons Kensington Swan tax expert on the IRD targeting crypto users who failed to declare it as taxable income - Heather du Plessis-Allan Drive

The IRD has confirmed it plans to target cryptocurrency users who haven't declared it as taxable income.

The department has identified 227,000 users in New Zealand who had made about 7 million transactions with a value of $7.8 billion in the last tax year.

Dentons Kensington Swan tax expert Bruce Bernacchi suspects there's tens of millions of dollars to potentially examine.

"We only have to look at how high some of the crypto asset prices have gone - you've got bitcoin currently trading at $58,000 (USD), four years ago it was $9,000. There's some people who are doing very well."

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