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If you are running your mining operations as a business, you can claim the usual business operating expenses against your income. But, I swear, my mining is just a hobby! However, the intentions of such an operation will be scrutinized and it is quite likely that you will still get taxed. If you are infrequently mining or have derived some reward from a one-off mining activity, then you may classify your mining activity as a hobby. Otherwise, you will have to pay taxes on it. Cryptocurrency tax on airdrops and hard forks Airdrops are new currencies given to crypoasset investors as rewards.
Hard forks are new currencies created from the changes made to a protocol of an existing cryptoasset. Either way, they are cryptoassets that you receive for free. Receiving Airdrops Unless you have a cryptoasset business, have provided services to obtain the airdrop or receive airdrops regularly as part of a profit making scheme, the receipt of airdropped cryptoassets is not taxable.
In most cases, the disposal of the airdropped cryptoassets will be taxable as they are acquired for the intention of disposal. Some cryptoassets may be passively acquired and may not be acquired with the intention of disposal. But obviously, if you still dispose of them and make a gain doing so, you may be taxed on that gain. Hard forks Receipts of hard forks are taxable IF you have a cryptoasset business or acquired it as part of a profit making scheme like the Airdrops above. Disposing of cryptoassets acquired from hard forks are generally taxable.
Even if you received the new cryptoasset from an exchange without doing anything. As long as you are disposing of the cryptoasset, you are going to pay taxes on it. What more do I need to know about cryptocurrency tax on individuals? Generally speaking, you can get taxed: On the receipt of cryptoassets from provision of services Gains made on disposal of crypto assets Note that if you are running your crypto operations as a business, you can claim the usual operating costs of a business.
All New Zealand residents are taxed in their income, but non-residents can also be taxed if their crypto-asset income has a source in NZ. As long as you mine, use, trade, or acquire crypto assets to exchange or sell them for profit, you have to pay taxes to IR. According to the laws of New Zealand, you need to file your tax return and pay IR on or before the end of the tax year, which is 31st March. The amount of tax you need to pay depends on how much income you have.
Check out this table to know how to calculate your taxes. This new rate applies from 1st April , according to the Inland Revenue. If your business deals with crypto assets — whether you use, trade, deal, exchange , or mine — and earn a hefty income from it, make sure to pay taxes as well.
This means they need to pay income taxes as well. On top of crypto asset taxes, you also have to pay for standard PAYE and fringe benefits taxes. If your employees are paid in crypto, this should also be accounted for when doing your taxes. The crypto rate tax returns for New Zealand businesses are filed on or before the first year of your operations.
Provisional tax combined with GST payments is paid in instalments after the first year.
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Cryptocurrency Tax in New Zealand
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