australia

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.

What kind of foreign investor are you?

Australia has a complex foreign investment framework with a greater focus on compliance since new rules were introduced in December 2015. Verity Law breaks down the big things you need to know before you invest in property in Australia.

Are you a Foreign Non Resident or Australian Temporary Resident?

A foreign persons generally need to apply for foreign investment approval before purchasing residential real estate in Australia. Whether you are a Foreign Non Resident or Australian Temporary Resident affects the type of property you can purchase

Foreign Non-Resident are individuals who are no ordinarily residents in Australia including a holder of a visa that permits the individual to remain in Australia for only a limited period.