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Bitcoin salary payments legal and taxed in New Zealand (as of 1st September)

There has just been a ruling by the head of the NZ tax department that clarifies the legality of paying employees in Bitcoin and how it should be handled on an accounting level. It's a pretty dry read; however in short it's an endorsement of paying staff using Bitcoin... ## Example: Employee paid part of salary in bitcoin * Ken is employed by Cryptowonderland Ltd. His salary is NZ$10,000 per month before tax. Half Ken’s salary is payable in NZD direct credited to his bank account. The other half is payable in bitcoin transferred to Ken’s bitcoin wallet. * PAYE should be calculated on the $10,000 gross payment and withheld and paid to the Commissioner (in New Zealand dollars). The net amount is payable to Ken. * If Ken is a Kiwisaver member or is subject to, for example, child support or student loan deductions, the Employer’s Guide (IR335) and the PAYE calculator (both available on the Inland Revenue website []( can be used to assist with calculating these. [](
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