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The short answer
Mostly, yes. The ATO says that while you are a temporary resident, foreign income and capital gains on property that is not taxable Australian property do not have to be declared, so Nigerian bank interest, Lagos rent and Nigerian dividends generally stay off your Australian return. The exceptions are income derived in Australia and income from employment or services you perform overseas while a temporary resident, which you must declare.
Who counts as a temporary resident
The ATO's Foreign and temporary residents page (updated 3 June 2026) says you are a temporary resident if you have a temporary visa and neither you nor your spouse is an Australian resident within the meaning of the Social Security Act 1991. You lose the status if, at any time after 6 April 2006, you were an Australian resident without a temporary visa, or you and your spouse were both Australian residents under that Act. You can be a temporary resident whether you are an Australian resident or a foreign resident for tax; if you are not sure which, see the ATO's residency tests.
What is exempt and what is not
| Nigerian or foreign item | Declare as a temporary resident? | Basis |
|---|---|---|
| Interest on a Nigerian bank account or fixed deposit | No | ATO: foreign income need not be declared; its example says foreign bank interest need not be declared |
| Rent from a property in Nigeria | No | Other foreign income does not have to be declared |
| Dividends from Nigerian shares | No | Other foreign income does not have to be declared |
| Gain on selling land or a house in Nigeria | No | Gains on property that is not taxable Australian property need not be declared |
| Pay for work done while physically in Nigeria during a trip | Yes | Income from employment or services performed overseas while a temporary resident |
| Pay from a Nigerian employer for work done in Australia | Generally yes | Income derived in Australia |
| Australian salary, Australian bank interest | Yes | Income derived in Australia |
The ATO illustrates the capital gains point with Kerrie, a temporary resident and Australian tax resident who owns a house in New Zealand: if she keeps both statuses until she sells, she does not declare the gain or loss on that house in her Australian return. The same reasoning applies to a plot in Abuja sold while you are still a temporary resident.
The overseas work trap
The most common mistake is assuming that anything paid from Nigeria is foreign income. Two cases need care:
- Remote work from Australia for a Nigerian company or clients. If you do the work while in Australia, the ATO's rule that temporary residents declare income derived in Australia is the one to apply, even if the money is paid in naira into a Nigerian account. Our freelance guide covers declaring Nigerian freelance income.
- Work done during a visit home. The ATO says temporary residents declare "income you earn from employment or services performed overseas while you are a temporary resident". A consulting job done in Lagos over Christmas is on the return.
If that overseas work income is also taxed in Nigeria, the foreign income tax offset may apply; see claiming the FITO.
When the exemption ends
- You get a permanent visa. You no longer hold a temporary visa, so from that point your foreign income is generally declared if you are an Australian resident.
- Your spouse becomes an Australian resident under the Social Security Act. The spouse condition means you stop being a temporary resident.
- You marry or partner with an Australian citizen or permanent resident. The same spouse condition can apply.
Note the date your status changed. Income received before it may be exempt and income after it may not, and how assets you already hold are treated when you later sell is a capital gains tax question; see Australian CGT on a house in Nigeria.
Worked example
Example only, with invented figures. Amaka is in Perth on a temporary skilled visa; her husband is with her on the same visa, and neither is an Australian resident under the Social Security Act. In the income year she earns her Australian salary, ₦600,000 interest on a Nigerian fixed deposit, ₦2,400,000 rent from a flat in Enugu, and ₦1,000,000 for a two-week consulting job done in Lagos during a visit.
- Australian salary: declared.
- Nigerian interest and Enugu rent: not declared, as other foreign income of a temporary resident.
- Lagos consulting fee: declared, converted to AUD, because it is for services performed overseas while a temporary resident; a foreign income tax offset may apply for any Nigerian tax paid on it.
- If she becomes a permanent resident halfway through the next year, interest and rent after that date are generally declared.
Where Pryme fits
Keeping Nigerian interest and rent in a separate naira account, such as Pryme Savings Boxes, makes it easy to show which income arrived before and after a change in status. Verifiable statements through VerifyDoc.ai give an unaltered record.
Questions people ask
Do temporary residents pay tax on foreign income in Australia?
Generally not. The ATO says temporary residents do not have to declare foreign income, except income from employment or services performed overseas while a temporary resident.
Do I declare Nigerian bank interest as a temporary resident?
No. The ATO's own example says a temporary resident need not declare foreign bank interest.
Is remote work for a Nigerian company exempt?
Not if you do the work in Australia. Temporary residents declare income derived in Australia, whoever pays it and wherever it is paid.
When do I stop being a temporary resident?
When you no longer hold a temporary visa, or when you or your spouse is an Australian resident under the Social Security Act 1991.
Sources
- ATO: Foreign and temporary residents (updated 3 Jun 2026) · accessed Oct 2026
- ATO: Foreign and temporary resident income (updated 8 Jun 2026) · accessed Oct 2026
- ATO: Australian resident for tax purposes, foreign and worldwide income (updated 15 Jun 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.