Do i need to pay tax on Cryptocurrency gain as an international student if i use AUD to trade?
As what i understand is that, international student does not required to declare foreign income.
Thank You
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5 replies
Hi @kelvin93
It depends on if you're a resident for tax purposes or not.
If you're a resident for tax purposes, you're liable for capital gains on all assets, including cryptocurrency.
If you're not a resident for tax purposes, you're only liable for capital gains on Australian real property. You only report Australian-sourced income. This means you won't report any income from cryptocurrency.
You can work out your tax residency and read about capital gains tax on our website.
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Hi @kelvin93
It depends on if you're a resident for tax purposes or not.
If you're a resident for tax purposes, you're liable for capital gains on all assets, including cryptocurrency.
If you're not a resident for tax purposes, you're only liable for capital gains on Australian real property. You only report Australian-sourced income. This means you won't report any income from cryptocurrency.
You can work out your tax residency and read about capital gains tax on our website.
As the ATO website stated,
Temporary residents
If you have a temporary visa, and neither you or your spouse is an Australian resident within the meaning of the Social Security Act 1991 (that is, not an Australian citizen or permanent resident), you're a temporary resident. This means you only declare:
- income you derived in Australia
- any income you earn from employment or services performed overseas while you are a temporary resident of Australia.
As an international student, I'm a resident for tax purpose but also a temporary resident as I do not fall into the Social Security Act 1991 ( Citizen or PR)
Does this mean I will only liable for capital gains on Australian real property but not cryptocurrency?
Thank you
Hi @kelvin93,
We cannot make this determination for you. However we have answered a similar post on our forum, you can view the response here for further information.
Let us know if we can assist with anything else.
All the best.
Lets assume I am a temporary resident.
Would I need to pay tax on CGT event when using an Australian exchange? (stock and crypto trading)
*The Australian exchange does not invest on any "taxable Australian property" asset.
Thank you
Hi @kelvin93
You have advised you hold a temporary visa, but are a resident for tax purposes.
If you are a resident for tax purposes, you are liable for capital gains on any worldwide asset, including shares and cryptocurrency.
There is a distinction for temporary and foreign residents. If you are a temporary resident for tax purposes, you are only liable for capital gains on real taxable Australian property. This means you would not be liable for capital gains tax on cryptocurrency.
If you fit the criteria for an Australian resident and a temporary resident, you'll generally be a temporary resident for tax purposes. This is because, in line with temporary visa requirements, you do not plan to remain in Australia and do not consider Australia your home.
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