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You need to use amounts in New Zealand dollars (NZD) when filing your income tax return.

Some cryptoasset transactions may not have an NZD value, such as:

  • receiving mining or staking rewards
  • exchanging your cryptoassets for different cryptoassets
  • receiving a payment in cryptoassets.

You’ll need to work out the NZD value of the cryptoassets you receive as income using an appropriate conversion rate at the relevant date. You may have to convert cryptoassets into a foreign currency before you can convert them into NZD.

Cryptoasset conversion rates

You must take reasonable care to use an appropriate value for your cryptoasset transactions and use a consistent method. You’ll need to keep records of the valuation method you use.

You can get conversion rates from the following centralised data repository sites.

CoinMarketCap

Yahoo Finance: Cryptocurrencies

You can also get conversion rates from a public exchange. You’ll need to use a reputable exchange such as one with comprehensive know-your-customer and anti-money-laundering procedures in place. Which exchange (or exchanges) is appropriate depends on the circumstances.