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New Australian Entrepreneurship Visa Requirements

The New Entrepreneurship Visa is being introduced from 10 September 2016 as part of the government’s Business Innovation and Investment Program. It will be a provisional visa with a pathway to permanent residency under the Business Innovation and Investment visas. (subclass 188).

Who is it for?

The new visa is is for entrepreneurs with $200,000 in funding from specified third parties to develop and commercialise their innovative ideas in Australia

What are the Australian Entrepreneurship Visa Requirements?

You must be

  • Under 55 years old,

What happens if I can’t settle on my off-the-plan purchase?

Are you having trouble getting finance before your settlement date?

Is there a risk of failure to settle on your property?

The tightening of foreign lending by banks, the crack down on foreign investments by the federal government and the boom in apartment construction has resulted in the perfect storm of increased settlement risk.

While the demand for Australian property is still strong, it is prudent to be aware of the very real risk that it might be difficult to complete purchases in the current lending environment.

What will happen if you don’t settle?

What are your rights: Short Term Rentals

In a win for short-stay property operators and a disappointing outcome for Owner Corporations, the Victorian Supreme ruled recently that owner corporations could not prevent dwellings in a strata agreement from being used as short term rentals. We look at the impact of the case on your short term rental rights.

What are strata apartments?

Strata titles are a unique Australian innovation. It allows individual ownership of part of a property (usually the apartment/townhouse) and combined shared ownership of open areas (e.g. foyers, driveways) through a legal entity called the owners corporation.

Changes to Accredited Sponsorship Requirements

What is changing?

The required characteristics that you need to meet to become an accredited sponsor have changed from 1 July 2016.
There will also be additional benefits to be associated with sponsorship accreditation.

What is an accredited sponsor?

Under subclass 457 sponsors, a sponsor may apply for status as an accredited sponsor if they have “a long history of good dealing” with the Department of Immigration and Border Protection (DIBP). Accredited sponsors have sponsorship that is valid for 6 years and their visa and nomination applications receive priority processing.

Top 10 Legal Essentials When Starting a Business

The legal requirements can be a headache but failing to plan may mean you have already planned to fail. Moreover, you also can face serious penalties if you don’t follow legislative/licensing requirements and regulations, the financial consequences on your hip pocket should also be a primary consideration especially when starting your own business.

Here are our Top 10 suggested legal essentials when starting a business:

Business Structures

1.What is the right structure for me?

A solid business structure is the backbone of your business. When deciding on a structure, you should consider the set-up costs,

Buy,Franchise or Start a Business in Victoria?

One of the questions we always get from clients who are ready to follow their dream of owning their own business is, should I buy a business, franchise one or start from scratch?

In this article we consider the pros and con of each model:

Buying a business

Advantage

  1. Relationships: You will be able to benefit from an established business network of customers and suppliers.
  2. Brand :When you buy a business, you will already be working with an existing reputation and image.
  3. Risk:

Subclass 457 Changes: Genuineness Test clarified?

There are subclass 457 changes in operation from July 1st. We take a look at whether the clarifications on the genuineness requirement help or hinder the application process.

The ‘Genuineness Test’ was introduced in July 2013 as an additional requirement in applying for the Temporary Work (Skilled) Visa (Subclass 457). It requires employers to be able to demonstrate to the Department that

  • There is a position that exists within the business that requires the skills of the migrating employee and
  • That the Australian Labor Market has been adequately tested to ensure that there are no suitably qualified Australian employees

The test was introduced as a measure against situations where a nominated position was

  • created in order to secure a migration outcome and
  • the need for a skilled migrant was not genuine.

5 Questions Answered about Simplified Student Visa Framework

The new Simplified Student Visa Framework (SSVF) has been introduced reducing the complexity of application and bringing applications online.

Key Changes to SSVF?

  • Number of student visa subclasses will be reduced from eight to two and
  • The introduction of a simplified single immigration risk framework for all international students

How will the SSVF work?

  • All international students will now apply online for a single visa (subclass 500)
  • Relatives of existing student visa holders (subclasses 570-576) will need to apply for the new subclass 500 visa if they don’t have a student visa and want to come to Australia
  • Student Guardians can apply for a visa under subclass 590

What Happens to existing Student Visa Holders?

Need to Know: New Foreign Resident CGT Withholding Tax

What is the change?

On Friday July 1 2016, the rules for all transacting dwellings and commercial property worth over $2 million will change. A 10% non-final Capital Gains Withholding tax will be incurred on these transactions at settlement. This will affect all transactions and including those by Australian Residents

The new legislation imposes an obligation on purchasers to withhold 10% of the purchase price and pay it to the ATO where a seller enters a contract after 1 July 2016.

Never be caught by unexpected changes in Australian property law.

How will the Stamp Duty Increase Affect You?

From the 1 July 2016, there will be an increase in stamp duty for foreign buyers from 3% to 7% in Victoria.

There will also be an increase in the land tax surcharge for absentee landlords from 0.5% to 1.5% for the 2016/2017 tax period.

Who is a foreign person?

A foreign person is anyone except

  • An Australian citizen
  • An Australian permanent resident
  • A New Zealand citizen with a temporary Australian Visa

When will the new stamp duty apply?

The new rate will apply to contracts entered into or after 1 July 2016.