Verified for 2026 Tax Year

Cryptocurrency GST in NZ

Mining, trading, NFTs and staking. Master the "Excluded Service" rules for digital assets in New Zealand.

New Zealand GST law was updated substantially in recent years to clarify the position of digital assets. For years, there was confusion over whether crypto was "money" (exempt) or "property" (taxable). The IRD has now established clear boundaries.

The Headline Rule: Excluded Services

The supply of "crypto-assets" (such as Bitcoin, Ethereum, and Stablecoins) is generally treated as an "Excluded Service" from GST.

This means No GST is charged on the sale/trade of crypto.
It is effectively treated like money or financial services.

Mining & Input Tax Credits

If you mine crypto, you are creating new tokens. The receipt of these tokens is generally not subject to GST.

Because selling crypto is an "Excluded Service" (which operates very similarly to Exempt supplies), you generally cannot claim GST input tax credits on your expenses. This means you cannot claim the 15% GST back on your mining rigs, graphics cards, or massive electricity bills.

The Zero-Rating Exception

However, if you provide "Mining Services" (e.g., renting out hash power or server rack space) to someone else, that IS a taxable supply unless the recipient is overseas, in which case it may be Zero-Rated. If zero-rated, you can claim input tax. This is highly technical and requires specialist tax advice.

NFTs (Non-Fungible Tokens)

This is where it gets complex. The GST treatment depends entirely on what the NFT actually represents.

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Pure Digital Collectible

Digital art, profile pictures, or in-game assets with no real-world utility.

Excluded Service (0% GST)

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Utility Token / Voucher

An NFT that grants access to a physical concert, a gym membership, or physical merchandise.

Taxable Supply (15% GST Applies)

Stablecoins and Yield (Staking)

Receiving "staking rewards" or "yield" from holding crypto in a smart contract or exchange is generally treated as income for income tax purposes.

Whether it is subject to GST depends on the exact nature of the reward and the contract, but usually, it falls under exempt financial services income or the excluded service rules, meaning you don't return 15% GST to the IRD on your yield.

Frequently Asked Questions

Is there GST on cryptocurrency in New Zealand?

Generally, no. The supply of crypto-assets like Bitcoin or Ethereum is treated as an 'Excluded Service' under NZ GST law, meaning no GST is charged on the sale or trade of these assets.

Do I charge GST on NFTs?

It depends. If the NFT is a pure digital collectible, it's likely an excluded crypto-asset (No GST). However, if it's a utility token granting access to a real-world service or physical good, GST applies to the value of that underlying supply.

Can I claim GST on my crypto mining equipment?

Usually no. Because selling crypto is an 'Excluded Service' (similar to an exempt financial service), you generally cannot claim GST input tax credits on mining rigs or electricity unless you meet specific zero-rating export criteria.

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