You need to file a tax return when you have taxable income from your cryptoasset activity.
Before you can put your cryptoasset net income (or loss) in your tax return you need to:
- calculate the New Zealand dollar value of your cryptoasset transactions
- work out your cryptoasset income and expenses.
If you held cryptoassets that were stolen, you may be able to claim a deduction for the loss.
It’s important to keep good records for all your transactions with cryptoassets.
Completing your tax return
When you complete your tax return, if your cryptoasset income does not fit into any boxes (such as business or self-employed income) you need to put your net cryptoasset income (or loss) in the 'other income' box. To claim a loss, you need to show that if you'd made a profit it would have been taxable. Include the calculation of your cryptoasset income by attaching the calculation file to your return when you file it.
Different types of cryptoasset owners will need to complete different tax returns.
Income tax for businesses and organisations
If you have not got your tax right in a return you’ve already filed, let us know as soon as you can so we can fix it. You may need to make a voluntary disclosure.
Fixing mistakes in my return
If you want to gain more certainty about how the tax law applies to your situation, you can apply for a ruling. There is a fee for rulings. A ruling might be useful if your situation is complex or there is a significant amount of tax involved.