The New Zealand Inland Revenue Administration has announced new decisions nationwide that will take effect from 1 September. These decisions include decisions on the process of legalising cryptocurrencies. With the new arrangement, employees will now be able to receive a salary with cryptocurrency. Those who want to get paid in this way will have criteria to follow.
Crypto-money salary depends on criteria
In order for workers to receive their salary with cryptocurrency, workers must be responsible for income tax requirements, receive a fixed salary, and have a pay situation that constitutes their normal salary. In other words, payments such as stocks and dividends cannot be made with cryptocurrency.
The decision only covers salaried employees. Periodic services, commissions, payments for additional benefits also come into this coverage. Self-employed people are not involved in this decision.