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_coinconfused(Newbie)Newbie
28 Apr 2021

I aquired some crypto while I lived in New Zealand. I moved to Australia 3 years ago on a Subclass 444 Special Category visa, so I am a Temporary Resident in Australia.

I am now looking to sell the crypto.

According to the ATO website, Temporary Residents are only elegable for capital gains on the sale of real estate, and it appears I am exempt on paying Capital Gains on the sale of crypto in Australia

Therfore I can assume the taxable even is for New Zealand and I would need to pay tax on the sale to the Inland Revenue Department in New Zealand and I should therfore work with a New Zealand based accountant for that.

Is that correct?

Thank you

3,689 views
5 replies
3,689 views
5 replies

Most helpful response

Most helpful replyATO Certified Response

RachATO(Community Support)Community Support
ATO Certified Response29 Apr 2021

Hi @coinconfused,

That's correct. There are special rules on CGT for foreign and temporary residents, and if you fall within that residency you're only liable for CGT events relating to taxable Australian property.

Our webpage 'Taxable Australian property' provides a breakdown of such assets, and cryptocurrency doesn't form part of this.

It would be recommended to look into your tax obligations with New Zealand. For ease, it probably would be best to approach a registered agent based in New Zealand.

Links

ATO website- Taxable Australian property

ATO website- CGT for foreign residents and temporary residents

RachATO

All replies

Most helpful replyATO Certified Response

RachATO(Community Support)Community Support
ATO Certified Response29 Apr 2021

Hi @coinconfused,

That's correct. There are special rules on CGT for foreign and temporary residents, and if you fall within that residency you're only liable for CGT events relating to taxable Australian property.

Our webpage 'Taxable Australian property' provides a breakdown of such assets, and cryptocurrency doesn't form part of this.

It would be recommended to look into your tax obligations with New Zealand. For ease, it probably would be best to approach a registered agent based in New Zealand.

Links

ATO website- Taxable Australian property

ATO website- CGT for foreign residents and temporary residents

RachATO

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Tax obligation selling crypto as a Temporary Resident | ATO Community