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Sometimes mining cryptoassets might not be a business or a profit-making scheme. But you might have ordinary income from providing a service.

If you have ordinary income from providing cryptoasset mining services, you'll need to pay income tax on your mining rewards when you receive them. GST may need to be considered for your mining activities, however the services are likely to be zero rated for GST.

Zero-rated supplies

You also need to pay tax on any profit you make when you sell or exchange your mining rewards if you mined them for the purpose of selling or exchanging them.

Acquiring cryptoassets to sell or exchange

Working out if you have ordinary income from mining cryptoassets

Generally, if you're mining cryptoassets you are providing a service. The service is usually verifying transactions and maintaining the blockchain digital ledger for cryptoasset users.

In return for providing this service miners can earn cryptoassets (for example, block rewards and transaction fees).

If you have ordinary income from providing cryptoasset mining services, work out what tax you’ll pay.

Taxing cryptoasset income

Last updated: 07 Sep 2020
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