If you are eligible, you can apply for permanent residence after you have held your 494 visa for 3 years. Unless you have held your subclass 494 visa for 3 years, holders of the subclass 494 visa are incapable of:
You can travel to and from Australia as many times as you want while the visa is valid
If you are eligible, you can apply for permanent residence after 3 years from the time your visa is granted
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