The term “fiscal year” appears generally in the requirements relating to the pathways under visa subclass 188.
For example, under the Investor stream of visa subclass 188 applicants applicants must: “… have owned net assets of AUD 2,250,000 throughout the 2 fiscal years immediately before the applicant is invited to apply for the visa.”
In addition, under the Investor stream: “… if the application is made 3 months or more after the end of the most recent fiscal year, they must complete another Statement of Assets and Liabilities Position for their financial situation as of the date they apply for the visa.”
Migration legisation provides that the term “fiscal year” in relation to a business or investment, means:
- If there is applicable to the business or investment by law an accounting period of 12 months — that period; or
- in any other case — a period of 12 months approved by the Minister in writing for that business or investment.
According to the Department of Immigration: “Fiscal years vary in different countries, some countries keep to a calendar year but other countries prefer the tax period to be different to the busy end of calendar year period.
Officers may approve a period as a fiscal year provided it is a 12 month period, and has been accepted as applying to that business/investment for taxation or reporting purposes by authorities in the country in which the business/investment operates and reports.”
In the case of applicants for a visa under the Investor stream of subclass 188 we have found that the Department of Immigration is happy to work with a statement of assets and liabilities prepared to any balancing date, so long as the most recent date is within 3 months of the date of the visa application.
Note: Applicants under the Investor stream are required to prepare a statement of assets and liabilities as at the balancing date, and for 12 and 24 months prior to that balancing date to confirm ownership of net assets of at least A$2.25m throughout the two years prior to the visa application.
The Managing Director of Go Matilda Visas – Alan Collett – is a qualified Chartered Accountant (Australia, and England & Wales) and is a Registered Migration Agent (MARN 0102534), with many years of experience. Fees for visa assistance are fixed in amount, and his knowledge in the areas of accounting, tax (UK and Australia), and visas are highly regarded. If you are a business owner or an investor who wants to move to Australia we look forward to having a free initial discussion.