The short answer is that you must enter on a valid visa, but once you enter Australia (on the valid visa), there is no additional requirement to have that visa validity period up to date.
Living in Australia
The confusion arises because a permanent resident visa (of any kind) allows you to remain in Australia indefinitely. There is no need to update your visa, extend it or take any other proactive steps. Of course, visa cancellations do occur (for a range of reasons) but that is another issue entirely and a good reason to consider becoming an Australian citizen.
Departing Australia
In contrast, if you leave Australia on your permanent visa, you must ensure that it will be valid upon your re-entry. So, if your visa expires on 1 January 2024, you must arrive at the Australian border on or before that date. Arriving at the stroke of midnight on the 2nd of January 2024 would mean that you no longer have permission to enter Australia.
Also, for good or bad, you cannot apply for a Resident Return Visa: 159 provisional resident return; 157 three-month resident return or 155 five year resident return at the Australian border (also known as immigration clearance).
Do I qualify for a resident return visa?
Ultimately, your eligibility will depend on a range of factors, such as:
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whether you are applying from within or outside Australia or;
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what visas you have held/departed Australia with;
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period of residence in Australia;
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period of absence from Australia;
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whether there are substantial business, cultural, employment or personal ties with Australia which are of benefit to Australia and the applicant;
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compelling reasons for any prolonged periods of absence;
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whether you are the member of the family unit of a 155 visa holder.
The internal policy that guides the Immigration department is quite detailed and generous. It can be applied beneficially to your situation provided that you present your circumstances in the most favourable way.
If you’ve had significant periods of absence from Australia, or are unclear on your eligibility you should engage the assistance of a migration lawyer to advise you on the best approach.
Please reach out if we can be of assistance.
Disclaimer: this information does not take into account your/every circumstance/s, and you should seek legal advice.
