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msd07(Newbie)Newbie
30 Aug 2024

Situation: I got a PR in Jan 2024. Came to Aus for a week in July 2024. Plan to come again in September tor 2 weeks and will migrate permanently in early November 2024 (with an employer).


Question:

If i sell some stocks i hold (in US stock market) let’s say in October 2024 before starting my employment with the Aus employer Nov 2024 onwards, do i have to pay capital gains tax on that in Australia? Till i start my job in Nov 2024 in Australia, i will have no other income source in Australia.


In all of this I dont know when does my Aus tax residency begin. Hence the confusion.

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145 views
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Most helpful reply

TamaraATO(Community Support)Community Support
2 Sept 2024

Hi @msd07,


That's up to you really. πŸ€·β€β™€οΈ


If your intention is to migrate here permanently in November. Then you can assess yourself in the meantime on whether you'd qualify now or then as a resident for tax purposes. 🌏


We can't give direct advice on what you should or shouldn't be doing. Only guide you to the info to help you decide what best fits your exact situation.


Visa statuses don't determine if you're a resident for tax, it's mostly based on your intent. So, decide when you 'intend' to move here permanently and that will help determine if you're liable for CGT or not. 😊

All replies

Most helpful reply

TamaraATO(Community Support)Community Support
2 Sept 2024

Hi @msd07,


That's up to you really. πŸ€·β€β™€οΈ


If your intention is to migrate here permanently in November. Then you can assess yourself in the meantime on whether you'd qualify now or then as a resident for tax purposes. 🌏


We can't give direct advice on what you should or shouldn't be doing. Only guide you to the info to help you decide what best fits your exact situation.


Visa statuses don't determine if you're a resident for tax, it's mostly based on your intent. So, decide when you 'intend' to move here permanently and that will help determine if you're liable for CGT or not. 😊

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