Crypto tax in New Zealand

In most cases, the amounts you get from selling, trading or exchanging cryptoassets are taxable (this includes when you exchange one type of cryptoasset for another).

In most cases, the amounts you get from selling, trading or exchanging cryptoassets are taxable (this includes when you exchange one type of cryptoasset for another).

Disposing of cryptoassets Ways of disposing of cryptoassets can include: selling cryptoassets for money exchanging one cryptoasset for another type of cryptoasset using cryptoassets to pay for goods or services giving away cryptoassets to another person.

Some people choose to take part in proof of stake mining through a third party staking-as-a-service provider or a staking pool rather than staking on their own. Mining cryptoassets and tax In most cases, cryptoassets you get from mining (such as transaction fees and block rewards) are taxable. The mining service you provide will be subject to GST.

In most cases, cryptoassets you get from mining (such as transaction fees and block rewards) are taxable. The mining service you provide will be subject to GST.

Airdrops New cryptoassets from an airdrop may be taxable on either receipt, disposal or both.

Acquiring cryptoassets You can acquire cryptoassets in many ways including: buying cryptoassets (such as, through an online exchange, peer-to-peer or from a crypto ATM) mining or staking cryptoassets exchanging one cryptoasset for another type of cryptoasset providing goods or services in exchange for cryptoassets receiving new cryptoassets from a fork of a cryptoasset you hold receiving airdrops earning cryptoasset 'interest' or rewards through cryptoasset lending, decentralised finance (DeFi) or ‘staking as a service’ providers participating in an Initial Coin Offering (ICO) or Initial Exchange Offering (IEO).

Disposing of cryptoassets Ways of disposing of cryptoassets can include: selling cryptoassets for money exchanging one cryptoasset for another type of cryptoasset using cryptoassets to pay for goods or services giving away cryptoassets to another person.

You need to file an income tax return - IR3 when you have taxable income from a cryptoasset activity. Before you can add your cryptoasset net income (or loss) in your income tax return you must: calculate the New Zealand dollar value of your cryptoasset transactions work out your cryptoasset income and expenses.

Cryptoassets are treated as a form of property for tax purposes. While there are different types of cryptoassets, the tax treatment depends on the characteristics and use of the cryptoassets. It does not depend on what they are called.

You need to file an income tax return - IR3 when you have taxable income from a cryptoasset activity. Before you can add your cryptoasset net income (or loss) in your income tax return you must: