If I already hold a subclass 476 visa, what happens when it expires?

Existing 476 holders keep their visa and its work and study rights until the visa's expiry date, even though the visa is closed to new applicants. The closure does not cancel visas already granted.

Because the 476 does not lead directly to permanent residence, you should plan ahead and apply for a suitable further visa before it expires. Staying in Australia without a valid visa after expiry can lead to unlawful status and future visa bans, so getting advice early is important.