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It's important you keep accurate and complete records of your income and expenses. These will make it easier for you when you file your income tax return.

We have standard record keeping requirements you need to meet.

Record keeping

Cryptoasset records you need to keep

You'll need to keep records of your cryptoasset transactions to support the position taken in your tax return. This includes:

  • the type of cryptoasset
  • date of the transaction
  • type of transaction (for example, received or disposed of)
  • number of units
  • value of the transaction in New Zealand dollars
  • total units of each cryptoasset held at the beginning and end of the year
  • exchange records and bank statements
  • wallet addresses.

You’ll need to keep these records for at least 7 years, even if you no longer have any cryptoassets.

If you use cryptoasset exchanges, you should download your transaction history regularly. Cryptoasset exchanges may only keep records for a short period of time or the exchange may no longer exist when you do your tax return.

You might use an online cryptoasset income tax calculator to help you meet your record keeping obligations and work out your tax. Many of these calculators are provided by overseas software providers. You'll need to make sure you account for your transactions in a way that meets New Zealand tax law.

If your cryptoasset mining or staking activity is GST registered, you will need to keep the required GST records.

Record keeping

Last updated: 28 Apr 2021
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