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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

3,693 views
5 replies
3,693 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

_coinconfused(Newbie)Newbie
29 Apr 2021

Thanks for your answer.

How do I confirm I fall within that residency, or confirm tax residency status in general?

If I look at my Visa status is clearly lists:

Visa class / subclass TY / 444

Visa description TEMPORARY RESIDENT

Where as I find no solid / conflicting information on where I wil fall as a tax resident. I want to make sure I get it correct. There appears to be three classes "non tax resident" "resident for tax purposes" and "temporary resident for tax purposes", how do I confirm my status?

JodieR_ATO(Community Support)Community Support
29 Apr 2021

Hi @coinconfused,

We have the resides test and you can go through the information via the webpage to assist you in determining your residency status.

If this is not useful you can write in for a private ruling. You will need to include supporting documentation to state your circumstances as a resident or non resident for tax purposes.

Please use the links below for further assistance.

Links-

Residency.

Foreign or temporary resident.

Residency - Private Ruling supporting information.

All the best.

Nickjay(Initiate)Initiate
18 Dec 2024

@nickvwyn

You will no longer be a temporary resident for tax purposes once you become permanent. Afraid to say you will need to pay CGT on all your crypto if you sell and make a profit (can be offset if you made a loss from prior tax year), and each single buy, gift, sell transaction will need records kept for the ATO if they request. Being a temporary resident has its benefits if you invest heavily in crypto, no tax (save 30%).


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