Impex Lawyers & Advisors

Subclass 482 – TSS Visa

The Temporary Skill Shortage visa (TSS visa) subclass 482 replaced the Temporary Work (Skilled) Visa subclass 457 in March 2018. The Department of Home Affairs has published a newsletter covering the changes made to the skilled visa program and transitional arrangements for pipeline applications processed after the implementation of the TSS visa program.

TSS Visa Program

There are three options available under the TSS visa program: 

Short-term stream 

This is for employers to source genuine temporary overseas skilled workers in occupations included on the Short-term Skilled Occupation List (STSOL) for a maximum of two years, or up to four years if an international trade obligation applies. Capacity for visa renewal onshore is allowed once only. A requirement of an International English Language Testing System (or equivalent test) score of 5, with a minimum of 4.5 in each test component applies. Genuine temporary entrant (GTE) requirements also apply to this stream.

Medium-term stream 

This is for employers to source highly skilled overseas workers to fill medium-term critical skills in occupations included on the Medium and Long-term Strategic Skills List (MLTSSL) for up to four years, with eligibility to apply for onshore visa renewal or permanent residence after three years. A requirement of an International English Language Testing System (or equivalent test) score of 5, with a minimum of 5 in each test component applies. 

Labour Agreement stream 

This is for employers to source overseas skilled workers in accordance with a labour agreement with the Commonwealth on the basis of a demonstrated need that cannot be met in the Australian labour market and standard visa programs are not available, with the capacity to negotiate a permanent residence option. 

Eligibility for all TSS visa applicants 

Work experience 

At least two years’ work experience relevant to the particular occupation is required. Policy settings are outlined in the TSS visa Procedural Instructions. In broad terms as per the interim guidance for agents: 

  • Work experience will be considered flexibly in the context of the nominated occupation and industry practices. 
  • The work experience should have been undertaken in the last five years and would need to be calculated in terms of full-time work. Part-time work experience may be considered. − Experience gained as part of the research components of a Masters and/or PhD may be considered as work experience for relevant occupations, such as medical and research occupations. 
  • Experience gained through clinical placements and internships may be considered as work experience for medical practitioners, including Resident Medical Officers. − The internship component of the Professional Year Program may be considered as work experience for relevant occupations. 
  • Performance experience gained while studying may be considered for applicants with a performing arts occupation.

Labour market testing (LMT) 

LMT is mandatory unless an international trade agreement applies

For nominations lodged on or after 12 August 2018 unless alternative requirements apply:

  • LMT must have occurred within four months before lodging the nomination.

 Note: multiple positions in one advertisement are acceptable.

  • At least two advertisements of the nominated position will need to be published in Australia, in English, and should include the following information: − 
  • the title, or a description, of the position; − 
  • the skills or experience required for the position; −
  •  the name of the approved sponsor or the recruitment agency being used by the sponsor; and
  • the annual earnings for the position unless the annual earnings will be lower than AUD96,400. It is acceptable to publish a salary range, for example, AUD80,000 to AUD90,000.
  • Multiple methods are recognised and include:
  • prominent or professional national recruitment websites; − 
  • national print media including national newspapers or magazines that are published at least monthly and marketed throughout Australia; 
  • national radio;
  • on the business’ website, if the sponsor is accredited. 

Advertised positions must remain available for application for at least four weeks from first publication regardless of the medium used.

LMT via general classified websites or social media platforms, such as Twitter, Facebook or Instagram is not recognised. LinkedIn’s online recruitment platform is acceptable. Job vacancies restricted to LinkedIn profile members only are NOT acceptable

Choice of acceptable media used for the advertisements is not limited, that is two advertisements may appear in newspapers on separate occasions or simultaneously in two different media. An authorised party may undertake the advertising as there is no requirement for the actual sponsor to place the advertisements.

Alternative requirements apply for ‘select occupations’ and ‘select positions’ such as for outstanding and internationally recognised talent in sport, academia or as a top chef. Also included are changes due to business restructures or where the annual earnings are not less than AUD250,000 or for particular medical personnel.

It is mandatory under the Act to provide evidence with the nomination application of the sponsor’s efforts to find suitably qualified and experienced Australian citizens or permanent residents to fill the position/similar positions, that is, a copy of advertisement(s) and a receipt for any fees.

To avoid an unnecessary unfavourable outcome the Department of Home Affairs has noted that where fees were paid for advertising the receipt must be attached to the nomination application, as well as a copy of the relevant advertisement. 

Where the nominated position is an intra-company transfer, alternative evidence may also include evidence of such a transfer in lieu of advertising.

Minimum market salary rate 

Employers must pay the Australian market salary rate and meet the Temporary Skilled Migration Income Threshold requirements. See Migration (IMMI 18/033: Specification of Income Threshold and Annual Earnings and Methodology of Annual Market Salary Rate) Instrument 2018.

Character 

Mandatory penal clearance certificates to be provided. Where an applicant, and any family member included on the application, is sponsored by an accredited sponsor, references from the accredited sponsor can be attached confirming that the applicant and any family members are of good character and have not been convicted of any criminal offences, as an alternative to providing police certificates from countries other than Australia where required. All applicants and any family members included on the application must still provide any required Australian Federal Police clearances.

Workforce 

A non-discriminatory workforce test to ensure employers are not actively discriminating against Australian workers.

Training requirement 

Employers nominating a worker for a TSS visa will be required to pay a contribution to the Skilling Australians Fund

Stages For Subclass 482 Visa

There are three stages:

1. Standard Business Sponsorship 

To sponsor an employee a company needs to become a standard business sponsor. While a company’s standard business sponsorship is valid several applicants can be nominated, as long as the company continues to demonstrate the capacity and need for the nominated position. In order to become a standard business sponsor a company needs to provide certain documents to prove that it is operating in Australia as well as meeting Training Benchmark A or B. For more information on this see Migration (IMMI 17/045: Specification of Training Benchmarks and Training Requirements) Instrument 2017 and the Sponsorship obligations for Standard business page.

2. Nomination 

To meet the criteria the applicant must be nominated for a position. A standard business sponsor may nominate an applicant for an eligible position by demonstrating the capacity to nominate the applicant and the need to have the position filled. The sponsor also needs to complete Labour Market Testing, unless an international obligation applies, to demonstrate that there is no qualified Australian citizen or resident available for the position.

3. Application 

The application can be assessed when the associated nomination has been approved. At this stage the applicant must demonstrate English language proficiency requirements applicable to the relevant stream, as set out at English proficiency above. The applicant must also demonstrate they have the appropriate skills and qualifications to fill the position.

Global Talent Scheme Pilot 

The Global Talent Scheme is a new visa scheme aimed at attracting highly skilled global talent within technology related industries. This is part of the ongoing reforms to skilled visa programs to ensure that Australians have priority for Australian jobs but acknowledging that there are times when these skills are not available domestically.

The scheme consists of two streams: the established business stream and the start-up stream. The established business stream is aimed at publicly listed companies or those with an annual turnover of at least $4 million for each of the past two years. The nominated position must also have minimum annual earnings of $180,000.

The start-up stream is aimed at newly-established businesses with STEM-related fields, being science, technology, engineering, and math, including but not limited to agriculture and medical technology. The minimum annual earnings of the nominated position cannot be less than the Temporary Skilled Migration Income requirements as set out in legislative instrument IMMI 18/033. 

For technology related businesses who have had highly valued staff paid more than $180,000 annually or highly skilled employees affected by the 457 visa changes, relief may be found through this scheme.

Unlike the 457 or TSS visa schemes, the Global Talent Scheme will not have a set list of occupations or restrictions on permanent residency or age. Successful applicants will be issued with a four year TSS visa, with permanent residency available as an option after three years.

The scheme will commence in July 2018 and will run for 12 months.

Why Choose Impex Law?

The whole ‘lawful visa acquisition’ process can be one lengthy and paperwork intensive task. Our Immigration Lawyers have helped over a thousand people with their immigration cases and know exactly what is required to get the immigration process done smoothly. Impex Law will make the whole process easy and comfortable for you. You would only have to answer a few simple questions on our Immigration page, and we will get back to you.

Civil Litigation

Civil Dispute – Letter of Demand

Our client (company) entered into a Contract with a Company to perform certain services. We assisted our client with negotiating and liaising with the Company to perform the services as agreed between both parties.

Civil Litigation – Commercial Dispute

Our client (company) entered into an agreement with the other party (company) which allowed the other party to gain access to one of our client’s business accounts. The director of the other party engaged in several unauthorised withdrawals for personal use. We assisted our client with recovering monies owed from the unauthorised withdrawals by way of Deed of Settlement.

Civil Litigation – Breach of Contract

The other party filed a Complaint against our client for a refund of purchase price and loss of commission. We assisted our client in preparing a defence in the civil litigation matter, which includes drafting defence documents, discovering important evidence, conducting ancillary searches and representing our client in court.

Civil Dispute – Response to Debt Recovery

Our client sublet a property to a sublessee who caused damage to various other properties. Our client received letters of demand requesting payment for damages caused. We assist our client by advising on our client’s legal position in the matter, negotiating and responding to any potential legal actions that may be brought against our client.

Civil Litigation – Breach of Contract & Misleading and Deceptive Conduct

We assisted our clients in filing a civil claim against the other party for a breach of contract and misleading and deceptive conduct. We reviewed all documents provided, drafted a detailed chronology of events, and corresponded with the other party.

Civil Litigation – Misleading and Deceptive Conduct

We advised our client on the possible causes of action against a real estate agent who our client alleges to have misled them in selling their property at a lower price. We also advised on options in pursuing the claim.

Civil Litigation – Misleading and Deceptive Conduct

Our client entered into a dispute with another party regarding the misleading and deceptive manner the other party was involved in promoting sales of apartments-in-development by our client. We advised our client on the possible causes of actions and remedies available.

Civil Litigation – Breach of Director Dues and Misappropriated Funds

Our client entered into an agreement with another party as directors of a company where the other party deceitfully misappropriated funds from the company. We are assisting the client in recovering the funds by identifying the possible causes of actions and pursuing the necessary remedies.

Civil Litigation – Damage to Property prior to Settlement

Our client sold a property to the purchaser, where the purchaser sued for damage to the property prior to settlement. We assisted our client in defending the Supreme Court claim, negotiated with the other party and assisted in settlement procedures.

Civil Litigation – Misleading and Deceptive Conduct and Loss of Opportunity

We are assisting our client in claiming for his rights to a deposit as a result of a Section 32 Statement provided by the vendor. We assist our client by defending the claim, submitting and reviewing subpoena requests and documents, made submissions and prepared the necessary documents for litigation.

Civil Litigation – Breach of Contract and Confidentiality and Loss of Opportunity

We are assisting our client in reviewing his documents, drafting a chronology, identified possible causes of actions and remedies available to him and advised him of possible solutions.

Employment Law

Employment Law – Employment Contracts

We advised our client on independent contractor agreements under the Labour Hire Licensing Act 2018 and also assisted with preparing appropriate agreements for their relevant workers.

Employment Law – Employment Contracts

We advised on various Fair Work Ombudsman Awards that apply to the employment of carpenters in Victoria, and the various provisions to be included in the employment agreement. We also drafted and prepared employment agreements for our client.

Banking and Finance

Banking & Finance – Managed Fund

Retained by Australian private company as General Counsel looking to establish a residential & commercial mortgage fund in Australia through debt/equity from local and overseas sources;

Banking & Finance – Solicitor’s Certificate

We reviewed relevant guarantor and loan documentation provided by an Australian bank, conducted an interview with the client and prepared a letter of advice in relation to the obligations of the guarantor.

Banking & Finance – Advice

We assisted our client with refinancing a property for additional loans and provided independent legal advice in relation to obligations and implications associated with a guarantor or borrower. We also assisted our client in obtaining a Solicitor’s Certificate.

Banking & Finance

An individual, claiming to be a private forex provider engaged our client with a financial investment proposal. This resulted in the transfer of money into our client’s Australian Bank account. However, this sum of money was subsequently withdrawn by the bank on the basis that they were investigating into the source of the funds. We assisted our client with the recovery of funds from the Australian Bank and other relevant parties.

Banking & Finance – Bankruptcy

We advised our client on the implications of making a voluntary bankruptcy application, including the impact on a prenuptial agreement that was made between our client and their former partner.

Consumer Loans – Loan Refinance and Advice on Loan Default

We assisted our client in dealing with an unregulated private loan. We advised on the availability of remedies through AFCA, and the possible steps our client could take in rectifying their situation.

Banking & Finance – Conciliation

Our clients were fraudulently induced into making an investment and other financial arrangements not in their best interests where they suffered significant financial losses. We assisted our clients with a conciliation conference with the other party through the Australian Financial Complaints Authority (AFCA) to settle the financial dispute.

International Trade

International Trade – Food

Our client is a leading food services business seeking to expand internationally through the creation of new brand development. Our firm developed, managed and executed the overall export strategy and supporting legal advice both in Australia and throughout Asia including corporate structuring, trademark analysis and registration, buyer negotiation, supply chain management and supporting drafting and negotiation of contracts.

International Commercial – Fintech

Acted for an Australian client to negotiate with a USA based company offering digital back-office for online investing and lending applications which are accessible through an open API and aims to be the de facto virtual back office to the online investing and lending market.

Or –

Acted for an Australian client who aims to be the de facto virtual back office to the online investing and lending market. We assisted them in negotiating with a USA-based company offering digital back-office for online investing and lending applications which are accessible through an open API.

International In-house Counsel – Medical

Retained by a Medical cannabis client in Joint Venture with the Vanuatu Government for corporate strategy and business development with identification and managing 3rd party expertise for business planning, financial modelling, strategy and general Legal In-House Counsel services.

International Trade – Cosmetics

Retained by Australian private company to draft and negotiate the export agency of a leading Australian skin care brand for sale in HK & China;

International Commercial Contracts – Digital Marketing

Drafted and negotiated shareholders and supporting agreements between an Australian private company and a HK company whose business operates in China in the digital marketing space.

International Trade – Breach of Contract

Our client entered into a Contract of Sale with Company A for the delivery of goods and our client subsequently engaged a transport company to ship the goods to the designated address. An error made by the transport company resulted in a breach of contract between our client and Company A. This resulted in Company A purporting to terminate the Contract and demand a full refund. We assisted our client with liaising and responding to Company A’s letter of demand and recovering any potential damages from the shipping company.

International Trade – Partnership Agreement

We assisted our client with preparing and executing an International Partnership Agreement.

International Trade – Debt Recovery

We assisted our client, who is a foreign resident, in refunding goods shipped that did not match the specifications advertised. With the understanding that our client is a foreign resident, we provided advice in potential causes of actions available to recover costs and potential loss of earnings and explored the best avenues in recovering monies owed.

International Trade – Export Advice

Our client was asked to compensate money for causing delays to a shipping line’s schedule. The delay was a result of an unexpected fire that was believed to have been caused by batteries contained in toys that our client was shipping.

We advised our client’s on their rights, obligations and liabilities in relation to the incident. We also assisted in developing and implementing a preventative streamlined procedure for them, emphasising due diligence and compliance throughout the supply chain.

International Trade – Application for APEC Business Travel Card

We advised our client on the criteria in an application for an APEC Business Travel Card, including the relevant documentation and required supporting evidence. We also assisted in lodging the application on our client’s behalf.

International Trade – Compliance

Our client (company) entered into a contract with a Foreign Company A to supply equipment for a project in a foreign country. This project required a bank guarantee. Our client also entered into a contract with Foreign Company B to manufacture the said equipment. Foreign Company B provided our client with a bank guarantee that was not drafted in accordance with the relevant commercial requirements in Australia.

We assisted our client in ensuring both bank guarantees complied with the commercial law requirements in Australia and provided ongoing legal advice for the relevant transactions.

International Trade – Service level agreement with Chinese Suppliers

Our client entered into some outsourcing agreements with suppliers from China, whereby the suppliers would be responsible for the manufacture and wholesale of products. We assisted our clients in drafting a comprehensive service level agreement with current and future suppliers to govern issues including quality of goods, dispute resolution, refund/return and replacement policy, minimum order quantity, credits, payment terms and turnaround times, including the engagement and instruction of a Chinese mainland law firm.

International Trade – Compliance with Australian Border Force

Retained to provide legal advice to client on a request by the Australian Border Force to produce commercial documents. We corresponded with the officer in charge, reviewed client documents and advised on client’s legal rights, obligations and duties under the Customs Act 1901.

Property Law

Property – Lease

Our client sought to enter into a Lease Agreement with a Company. We advised our client on the Lease Agreement’s terms and conditions and negotiated with the other party should there be any necessary amendments to be made to the Lease Agreement in the best interests of our client.

Property – Joint Ventures

Retained by Melbourne property developer to identify and negotiate with prospective local and overseas Joint Venture partners with a current and future project pipeline forecast to deliver an end value in excess of $2 billion Australian dollars.

Property – Breach of Contract

Our client entered into a Contract of Sale for the purchase of property. Our client subsequently discovered that material alterations to the floor plan have been undertaken without notice or consent. The measurement for the indoor areas of the property were also misrepresented on the floor plan that was provided when our client signed the Contract of Sale. We assist our client with the potential breach of Contract by requesting justifications from the Vendor and subject to identifying a breach, draft and issue a rescission notice on the Vendor, recovering any potential loss and damages.

Property – Breach of Contract

We assisted our client in pursuing overdue rent and legally terminating a default contract. We then advised our clients on a new lease agreement.

Corporate & Commercial Law

General Commercial – Renewable energy

Retained by an Australian unlisted public company developing a world first, all-in-one combined thin film solar generation and battery storage solution licenced from the Australian Government and a leading Victorian University.

General Commercial & IP – Information Technology

Retained by an Australian private company for General Counsel and strategic oversight of IP protection for their developed proprietary software and design that creates a publicly accessible electronic identity associated with an address or location rather than an individual to be used anywhere in the world.

General Commercial & International – Exhibitions

Acted for an Australian private company to draft, negotiate and manage their International Licence Agreements for Europe, Russia, South Africa & USA involved in the exhibition industry.

Commercial Litigation

Acted for Australian Defendant in a monetary dispute in the jurisdiction of the County Court with a Chinese mainland-based lender.

International Commercial – Structuring & Acquisitions

Retained by Australian private company to identify, advise and manage high level skills and resources for the establishment of a Hong Kong Fund for acquisition of Australian hospitality, agriculture and tourism assets.

International Commercial – Therapeutic Goods

Retained by a Canadian private company operating in the CBD cannabis market in Joint Venture with Chinese mainland partner to target the global pet care industry.

International Commercial – Media & Fashion

Acting for Global media brand with over 500 million subscribers, for termination of former Australia & New Zealand licensee and identification, engagement and management of new partners.

Corporate Compliance – Remittance Services

Our client is a remittance service provider and we advised on their compliance to AFSL and AUSTRAC obligations.

Commercial Law – Procurement of Loan

We assisted our client in procuring loan facilities in the different stages of a
development project. We communicated with stakeholders and prepared necessary documentation for the loan facility. We also advised on a funding proposal required for loan facilitation.

Commercial Law – Purchase of Property

We assisted our client in his purchase of property for his company. We conducted the necessary due diligence involved in the purchase of a property, including

  1. Undertaking title searches
  2. Undertaking company searches
  3. Undertaking bankruptcy searches
  4. Undertaking ASIC insolvency notice searches.

We further advised on the results of searches.

Commercial Law – Application to Register as a Defence Broker

Our client (company) lodged an application with the Department of Defence to register as a broker to sell defence goods and equipment in various countries. We assisted our client by undertaking thorough research on case laws and local and overseas statutes and treaties pertaining to the sale and distribution of defence goods and equipment in Australia and internationally with the purpose of obtaining requisite
licenses and accreditations.

Corporate Law – Shareholder Agreement

We assisted our client in drafting a Shareholder Agreement and provided legal advice addressing issues involving transfer of shares and members exiting the company.

Commercial – Commercial Contract

We assisted our client in drafting a shareholders agreement in accordance with our client’s instructions, provided legal advice in relation to retaining a consultant to assist with the lodging of a permit application, and assisted with the lodging of the required permit application with the relevant authorities.

Corporate Law – Company Advice

Our client sought advice on options for recovering their company that was taken over by another party. We advised our client on potential causes of action they may take and the potential parties involved.

Corporate Law – Shareholder Purchase Agreement

We assisted our client as vendors in share acquisition deal in reviewing and advising on a Share Purchase Agreement and ancillary contracts, conducted due diligence for the share acquisition, and advised on the formalisation of the agreement, whilst corresponding with the vendors.

What Does Discharge Of Mortgage Mean?

Once the principal or secured sum has been repaid, a discharge of mortgage can be obtained from the mortgagee. The procedure involved is set out in s 84 of the Transfer of Land Act 1958. The approved form must be used and lodged along with the certificate of title for registration. Once the discharge has been registered, the property ceases to be subject to the mortgage. A discharge of mortgage operates to release the land from the mortgage security.

No stamp duty is payable on a discharge of mortgage.

A mortgage can be registered over one or more folios of the register. There are situations where the mortgage is registered over a number of parcels of land, often but not always, in a number of different titles. A mortgagor may seek to discharge the mortgage only insofar as it relates to one of these parcels. This is known as a partial discharge of mortgage.

A mortgage may be partially discharged by using the approved form and lodging it along with the certificate of title for registration: s 84 of the Transfer of Land Act 1958.

If the whole of the land in a folio of the register is being discharged it is only necessary to insert the relevant volume and folio number in the land description panel. However, if only part of the land in a folio of the register is being discharged it is necessary to competently describe the land to be discharged. Usually, but not always, this is done by lot and plan number.

Section 8A of the Sale of Land Act 1962 prohibits the sale of land that is part of a title unless it is a specific lot on a certified or registered plan of subdivision. A mortgagee, therefore, will not give a partial discharge of mortgage that would effectively leave the mortgagee with an unsaleable security such as part of a lot and/or part of the land in a certificate of title. The reason for this is that if a mortgagor were to default, the mortgagee would not be in a position to exercise its power of sale (s 77 of the Transfer of Land Act 1958) as it would have a parcel of land which was unable to be transferred.

Often during the subdivisional process the whole of the land to be subdivided is mortgaged to finance the development. A plan of subdivision is drawn up, certified by council and registered at Land Use Victoria. The mortgagee must consent to the registration of the plan of subdivision and the new titles for the various lots will issue showing the mortgage as an encumbrance.

It is possible to sell a lot on an unregistered and/or uncertified plan of subdivision provided the relevant provisions of the Sale of Land Act 1962 are complied with. This practice is known as ‘pre-selling’ and the type of contract used for ‘pre-selling’ is known as a ‘prescribed contract of sale’ as defined in s 9AA(7) of the Sale of Land Act 1962. Where a plan of subdivision has not yet been registered, the land can still be identified and sold by using the lot and plan number. This gives the land a unique identifier. The purchaser will also have mortgage documents drawn up using this unique identifier to describe the proposed security property.

Once the plan of subdivision has been registered details of the new volume and folio are communicated to the purchaser and ultimately the incoming mortgagee. Sometimes, but not always, these new details are inserted and/or added into the transfer and any incoming mortgage.

At settlement of an off the plan sale, it is not unusual to give a partial discharge of the mortgage insofar as it relates to a particular lot on the registered plan of subdivision. This is handed over at settlement together with the certificate of title. If the certificate of title has not yet issued, the partial discharge of mortgage will be endorsed with an order to register for lodging by the incoming mortgagee. The partial discharge will then be registered with the transfer and incoming mortgage as follower dealings. It is not unusual for all these documents to describe the land only by its lot and plan number.

The first step to discharge your mortgage would be to fill a discharge form. The process can be complicated and our lawyers would help make the procedure easier for you. If you need any help, you can contact us by clicking on the button below.

FOREIGN BUYERS OF AUSTRALIAN PROPERTY

FOREIGN BUYERS OF AUSTRALIAN RESIDENTIAL PROPERTY Foreign purchaser 海外购房者 Foreign purchasers are required under Australian law to apply for Foreign Investment Approval before purchasing residential real estate in Australia. The Government’s policy is to channel foreign investment into new dwellings as this creates additional jobs in the construction industry and helps support economic growth. Foreign … Continue reading “FOREIGN BUYERS OF AUSTRALIAN PROPERTY”

FOREIGN BUYERS OF AUSTRALIAN RESIDENTIAL PROPERTY

Foreign purchaser

海外购房者

Foreign purchasers are required under Australian law to apply for Foreign Investment Approval before purchasing residential real estate in Australia.

The Government’s policy is to channel foreign investment into new dwellings as this creates additional jobs in the construction industry and helps support economic growth.

Foreign investment applications are therefore generally considered in light of the overarching principle that the proposed investment should increase Australia’s housing stock (be creating at least one new additional dwelling).

Consistent with this purpose, different factors apply depending on whether the type of property being acquired will increase the housing stock or whether it is an established dwelling.

Foreign Investment Review Board (FIRB)

Application Checklist

All Applications to FIRB must include a cover letter which:

  • Identifies the significant actions and/or actions under the Foreign Acquisitions and Takeovers Act 1975 with specific references to relevant sections of the legislation and why the transaction is captured under the Act
  • Confirm how the transaction meets the relevant threshold set out in the Act;

Provides the following details of the acquirer, parent entity and the target, including:

  • Name, major activities and locations, incorporation details, major subsidiaries and associated entities, and details of any Australian operations;
  • Existing investments or assets of the acquirer, the parent entity and associated entities in Australia (including the value of the investments or assets);
  • Total global assets or assets under management for the acquirer and the target (including market capitalisation if applicable);
  • Any information of relevance to the national interest pertaining to domestic or international investigations; rulings or ineligibilities, or conditions imposed as part of previous foreign investment approvals; or exclusions relating to the acquirer, the parent entity, associated entities or the target;
  • Details of any existing relationship or economic interest between the parties.

Provides the follow details about the proposed transaction:

  • Reasons why the proposed transaction is not contrary to the national interest;
  • Commercial rationale behind the proposed transaction; – description of the acquirer’s intentions for the business or land, including any changes to the board composition, management structure or strategic direction of the target;
  • Information about any sales process, including details of the vendor; – the consideration and calculation basis;
  • Description of the type of proposed interest and any associated rights and obligations (e.g. assets, shares, land);
  • Any engagement with other Australian regulatory agencies (e.g. ATO) including details of the engagement and contacts at those agencies; and
  • Implementation steps diagram or explanation that describes the source of funds and flow of funds to the acquirer to implement the proposed transaction.

Ownership and control details of the acquirer, including:

  • Identities and country of origin of all investors who hold an interest of greater than 5% and details of any beneficial owners, including:
  • Identities of all foreign government investors where the aggregate interest of foreign government investors from one country is 5 per cent or more (directly or via a fund); and
  • for fund managers, details of investors in both the fund manager and the fund;
  • Level of control of all investors identified, including the types of rights that the investors have (e.g. voting rights, veto rights, member of investment committee); and
  • Aggregate percentage of any beneficial ownership by foreign government investors (by country).

ALL cover letters must also include the following additional information:

ENTITIES AND BUSINESSES

If the proposed transaction is related to interests in entities or businesses, the following additional information need to be included:

  • Structure diagrams including holding entities (both direct and indirect) of the target and target group both (1) pre-implementation and (2) post-implementation.
  • Copies of last financial year’s audited financial statements or, if unavailable, latest financial records or unaudited financial statements of the target and the acquirer

AUSTRALIAN LAND

If the proposal relates to interest in Australian land, include the following additional information:

  • The value of interests in Australian land and the value as a proportion of the target’s total assets
  • Consideration for the highest value land title
  • Size of the Australian land (hectares)
  • For agricultural land/mining/production tenements, a map showing the land being acquired and the surrounding area
  • For agricultural land, evidence of an open and transparent sales process
  • An explanation of the current use of the land in accordance with definitions in the FATA (agricultural land, mining or production tenements, residential land and/or commercial land)

If you are looking to buy Australian residential property then apply for an please contact us for a free first consultation.

Loretta Chen

July 2019

Australian Visa update- new changes from 22 July 2019

Latest updates and policy changes for Australian Immigration laws: In light of encouraging more skilled workers to live and work in regional Australia, the following new visas will be introduced from 16 November 2019. Subclass 489 visa and subclass 187 visa will cease from 16 November 2019. Subclass 491 (to replace Subclass 489). Subclass 491 … Continue reading “Australian Visa update- new changes from 22 July 2019”

Latest updates and policy changes for Australian Immigration laws:

In light of encouraging more skilled workers to live and work in regional Australia, the following new visas will be introduced from 16 November 2019.

Subclass 489 visa and subclass 187 visa will cease from 16 November 2019.
Subclass 491 (to replace Subclass 489). Subclass 491 is a provisional visa but will lead to permanent visa Subclass 191.

· Applicant to live in regional area for 3 years instead of 2 years under subclass 489
· All applicants have to stay in the regional area
· It is a five year provisional visa instead of the current four years
· Able to access more occupations under the gazetted skilled occupations list
· Priority processing
· Introduction of review right to offshore applicants
· Can move between areas as long as they are in the gazetted regional postcodes (new postcodes have not been released yet)

Points changes are as follows:
§ – 15 points for state nomination instead of 10 points currently
§ – 10 points for a skilled spouse or de facto partner
§ – 10 points for certain Science, Technology, Engineering and Mathematics (STEM) qualifications
§ – 5 points for a spouse or de facto partner with ‘competent English’
§ – 10 points for applicants without a spouse or de facto partner

Subclass 494 is similar to the previous Subclass 457 regional visa.

However, generally speaking, holders of Subclass 491 and Subclass 494 visas or who last held these visas, are restricted from applying for the following visas: Subclass 124/858, Subclass 132, Subclass 186, Subclass 188, Subclass 189, Subclass 190 and Subclass 820.

From 22 July 2019, applicants will be able to lodge a state nomination application for Business Innovation and Investor Program (BIIP) visas without having to wait for an invitation from Victoria. However, there will also be new nomination criteria for some BIIP visas from 22 July 2019 onwards:

1. Subclass 188 will need to demonstrate a minimum of 80 points

2. Subclass 188 Innovation nomination applicants must commit to employ at least one (1) full time employee in their main business

3. Any applicant proposing to engage in export activity will need to demonstrate that all export products will be 100% manufactured in Victoria

4. Subclass 188 Investor nomination applicants must demonstrate that they will make an additional investment of at least A$500,000 in Victoria during the provisional visa period.

5. Subclass 188 Investor and Significant Investor applicants will be required to demonstrate that they have A$200,000 available for migration purposes

If you are looking to apply for an Australian visa please contact us or download and complete the IMPEX Visa Confidential Assessment Form 2019 and return to us for a free assessment for your best visa option including a quotation of fees and charges.

July 2019.