We believe this is appropriate but would welcome confirmation, particularly if it is not intended that the proposals apply to amounts denominated in cryptocurrency. The amended definition of unclaimed money focuses on “amounts payable” and would seem to apply to cryptocurrencies and other crypto assets. (Chartered Accountants Australia and New Zealand) Issue: Application of the Unclaimed Money Act 1971 to crypto assets Submission (Corporate Taxpayers Group, Bank of New Zealand, Financial Services Council of New Zealand Incorporated, New Zealand Law Society) GENERAL SUBMISSIONS Issue: Support for reforms Submission Issue: Consolidation of deeming period under KiwiSaver Act 2006.Issue: Flexible filing and payment regime.Issue: Withdrawal of minor data collection requirement proposal.Issue: Alignment of KiwiSaver Act 2006 with proposed reforms.Issue: Allowing use of unclaimed money to offset a liability.Issue: Publication of unclaimed money data.Issue: Guidance on “reasonable efforts”.
Issue: Incorporation of portfolio investment entities.Issue: Institutional approach to “account activity”.Issue: Retention of an alternative use proviso for amounts under $100.Issue: Reduction of de minimis threshold of $100 to one cent.Issue: Extension of binding rulings regime.Issue: Application of the Unclaimed Money Act 1971 to crypto assets.