Hello,
I’m a Spanish citizen currently living and working in Australia under a subclass 482 (Skills in Demand) visa.
As I understand it, because I’m on a temporary visa and I don’t have an Australian spouse or partner, I’m considered a temporary resident for tax purposes. At the same time, since I live and work here and my salary in Australia is my main source of income, I’m treated as an Australian resident for tax purposes.
I’m planning to start investing while I’m in Australia. Specifically:
- Buying shares and ETFs listed on the ASX through my Australian bank (Commonwealth Bank via CommSec)
- Buying cryptocurrencies through Binance
These investments are not related to Australian real estate.
From what I’ve read, temporary residents may be exempt from Capital Gains Tax (CGT) on certain assets and only taxable on taxable Australian property. So my questions are:
- Would capital gains from ASX shares and ETFs be exempt from CGT in my case as a temporary resident?
- Does the same apply to cryptocurrencies?
- Are there any limits, conditions, or exceptions I should be aware of (for example, if I later become a permanent resident)?
- How does the CGT treatment for temporary residents work in practice?
I want to make sure I fully understand my obligations before I start investing.
Thanks in advance for your help!
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