I have moved abroad 18 months back. Based on the resides test, I qualify as a tax resident. I have also done my previous year Aus taxes as a non-resident. I do not hold property in Aus nor have family but maintan a bank account there. I am a Aus citizen.
I have been trading crypto during this tax year (2020-21). It seems even if I use a Aus crypto exchange and sell my crypto assests and trasnfer the amount to my Aussie bank account, I would not be liable for CGT gains. Am this interpreting this correctly.
Based on this thread:
https://community.ato.gov.au/t5/Cryptocurrency/Non-resident-and-tax-for-Crytocurrency/m-p/139198
1) Disregard a capital gain or capital loss from a CGT event if:
(a) you are a foreign resident, or the trustee of a foreign trust for CGT purposes, just before the CGT event happens; and
(b) the CGT event happens in relation to a CGT asset that is not taxable Australian property.
855‑20 then explains what we mean by "taxable Australian property". It basically boils down to real property situated in Australia or mining, quarrying or prospecting right (to the extent that the right is not real property) situated in Australiaa
This means foreign residents for tax purposes cannot be liable for capital gains on cryptocurrency, as it's not real.
You can read 855-10 and 855-20 on our legal database.
Thanks.
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