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If you're a new tax resident, or returning to New Zealand after 10 years, you may qualify as a transitional tax resident.

If you’re a transitional tax resident, you’ll be eligible for a 4-year temporary tax exemption on most types of foreign income.

The temporary tax exemption generally includes any tax on the sale of your cryptoassets during the exemption period (whether you acquired them before or after moving to New Zealand).

Temporary tax exemption

Cryptoasset income not covered by the temporary tax exemption

Some cryptoasset income is still taxable in New Zealand during the exemption period. You still have to pay tax on:

  • income with a New Zealand source (for example income from buying and selling cryptoassets on a New Zealand cryptocurrency exchange)
  • foreign-sourced employment income (for example an employee gets paid in cryptoassets for services performed overseas)
  • foreign-sourced income relating to services (for example a contractor gets paid in cryptoassets for services provided overseas). 

Taxing cryptoasset income

Cryptoasset income when the temporary tax exemption ends

After the exemption period ends, normal tax rules apply.

You do not revalue your cryptoassets at the end of your exemption period.

We recommend that you seek advice from a tax advisor or accountant if you're not sure of your tax obligations.

Last updated: 28 Apr 2021
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