Tim Doyle

speaker

1,184 appearances 4 recordings 3 series first heard Mar 2026 last heard 8 Jun

Tim Doyle’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 4 in all, peaking in Mar 2026 with 2.

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The Prosperity Project · The crypto tax problem nobody warned you about · 31 May 2026 podcast

So it's not just a sale to back out to fiat or back out to New Zealand dollars.

It's every time you dispose crypto.

So that can be to New Zealand dollars, but as you mentioned, it's also when you sell one token for another.

Or in some cases, when you get into these more complicated areas, such as the staking agreements and these collateral finance agreements or the crypto loans.

So every time that you dispose crypto is a taxable event for if you've acquired it with the intention to dispose.

Yep.

So you can make a profit and then the loss that you're talking about might be what's called unrealised.

So you've bought it at the peak of the market, the market's declined, but because you haven't disposed of it, therefore that loss isn't deductible until you dispose of it.

So when you've got the situation that that happens over multiple financial years, you can get into a real pickle where you owe taxes to pay, but perhaps the amount of tax that you owe isn't really a reflective of your economic position because the market's since declined.

Yes, but the losses only realized again when you dispose of it.

And again, one of the unfortunate things doing these multiple-year catch-ups is that when you have a loss, you can't carry it back to offset prior-year profits.

You can only carry it forward.

So we've seen some really unfortunate situations in our clients where they've had record profits, like millions of dollars of profits.

They've owed over half a million dollars of tax, and then the market's declined from their $1.5 million all the way back down to, in some cases, like $250,000, and they still owe half a million dollars in tax.

because they've just left their tax money invested in crypto.

So they've used the IRD as a bank, and that's crystallised their tax obligation, but because the crypto's been so volatile and the market conditions have declined, it's really unfortunate.

Yeah.

Unfortunately, it's worse than that because you can have this tax liability and then there's interest accumulating on it.

There's late payment penalties.

And then what we've seen now after April is IRD imposing these gross carelessness penalties as well.

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