Tax depends on your circumstances
IRD explains that in most cases selling, trading or exchanging cryptoassets results in taxable amounts. Relevant factors include acquiring for disposal, carrying on a trading business or participating in a profit-making scheme. This is not the same as saying all holdings are automatically taxable.
Your purpose matters
The main purpose at the time you acquire cryptoassets is important. Your actions and surrounding circumstances must support that purpose; holding for a long time does not by itself make a disposal tax-free.
Prepare before filing
Keep acquisition costs, fees, dates and NZD values. Work out income and allowable expenses under applicable rules. A qualified New Zealand tax professional can assess your specific position.
Sources & further reading
https://www.ird.govt.nz/cryptoassets/individual/buying-and-selling-cryptoassets ↗https://www.ird.govt.nz/cryptoassets/taxing/income-expenses/defining-cryptoasset-income-and-expenses ↗
This website provides general educational information only. It does not provide individualized financial, investment, legal or tax advice. Cryptocurrency involves risk, including potential loss of capital.