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Ceasing Tax Residency - Cryptocurrency Disposal Date for CGT Purposes

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I was an ex-pat working and leaving in Australia for almost 3 years on a temporary skill shortage visa (subclass 482). I was also on track to obtain Australian permanent residency.

Due to some personal issues, I had to terminate my employment and leave Australia on the 17th of October 2020. It was not clear to me back then whether I was leaving Australia indefinitely or not. Although my visa conditions allowed me only to stop working for no more than 60 consecutive days, I could still apply for a visa with other employer or finalize my permanent residency application to make my return to Australia.

Due to restrictions related to the COVID-19 Pandemic, I finally gave up on returning to Australia at the and of the previous financial year and decided to permanently stay in my country of origin. I have lodged my tax return as I would be an Australian resident for tax purposes for the entire year and I stated there that I won't require to lodge a tax return in the future.

 

Because I ceased being an Australian resident for tax purposes, the cryptocurrency that I purchased while still living in Australia is taken to be disposed of on the day I became a non-resident.
How do I determine the date of that deemed disposal?

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Most helpful response

ATO Community Support

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Hi @baggio,

 

We have information on our website in relation to when you ceased to be an Australian resident, this will be the date you departed Australia. You will need to know market value of the cryptocurrency as of departure date.

 

Links -

Ceasing to be an Australian resident.

Working out your capital gain or loss.

Cryptocurrency and tax.

 

All the best.

 

 

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @baggio,

 

We have information on our website in relation to when you ceased to be an Australian resident, this will be the date you departed Australia. You will need to know market value of the cryptocurrency as of departure date.

 

Links -

Ceasing to be an Australian resident.

Working out your capital gain or loss.

Cryptocurrency and tax.

 

All the best.