The term “fiscal year” appears generally in the requirements relating to the pathways under visa subclass 188.
For example, in the Business Innovation stream of visa subclass 188 applicants are required to deliver: “… financial statements to cover 2 fiscal years before the applicant is invited to apply for the visa. Fiscal years must cover a full 12 month period.”
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 UK limited companies and unincorporated businesses such as sole proprietors or partnerships can adopt any balance sheet date, even though the tax year ends on the 5th of April (31st of March for companies).
As such we have found that the Department of Immigration will work with the business balance sheet as being the end of the fiscal year when an application is submitted under the Business Innovation stream.
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.