Closure of the Capital Investment Scheme on 31 October 2009

From 31 October 2009, the South Australian Government Financing Authority (SAFA) has announced it will not accept any further applications from General Skilled Migration (GSM) applicants who wish to lodge a capital investment, as it will close the scheme.

Since the announcement of the reopening of the capital investment scheme by SAFA on 29 January 2009, the department has contacted all applicants whose cases had been assessed and who indicated they intended to lodge a capital investment.

Any applicants who have indicated on their application form that they intend to lodge a capital investment, but have not yet done so, are advised to finalise their capital investment before the scheme is closed.

Applicants who did not indicate on their application form that they intended to lodge a capital investment, but now wish to do so because they will be relying on the five bonus points to meet the Point Test, should also contact the department and finalise their capital investment before the scheme is closed.

This is the final opportunity for all pre 1 September 2007 GSM applicants to lodge a capital investment. As there will be no further capacity for applicants to make a capital investment to gain the bonus five (5) points, the department will not provide applicants any additional time to make a capital investment once the scheme offered by SAFA closes. Please note that this also applies to those applicants who have appealed to the Migration Review Tribunal (MRT) and those applicants seeking judicial review.

Applicants who still intend to make a capital investment are strongly urged to do so before 31 October 2009.

Please note that only SAFA provides an approved designated security that enables an applicant for a pre-1 September 2007 GSM visa to be awarded bonus points for making a capital investment.

For more information  :  http://www.immi.gov.au/skilled/general-skilled-migration/capital-investment-scheme-faqs.htm

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2009 Tax time is here

The Tax Office today reminded Australia’s 11.8 million taxpayers to start getting ready to lodge their tax returns.                                                                                                

Tax Commissioner Michael D’Ascenzo said the Tax Office has a range of information and assistance available to help people meet the 31 October 2009 deadline.

“From 1 July, people can prepare and lodge their return online using e-tax, which is free, secure and easy to use software which in most cases processes your return within 14 days.

“As well as calculators, help screens and links to rulings, you can also download information from third parties directly into your tax return, including payment summaries, government payments such as pensions and allowances, bank interest and private health insurance details.

“E-tax can be accessed free of charge 24 hours a day, seven days a week from our website at www.ato.gov.au,” Mr D’Ascenzo said.

Government and third party information will be available to download progressively from 1 July. You can subscribe to an alert service within e-tax which will let you know when the information becomes available.                                                                                                                                                                                        

People can still lodge using TaxPack 2009 or the short tax return for individuals 2009.

TaxPack 2009 is available from most newsagents, Tax Office shopfronts or the Tax Office website from 1 July.

If you used the short tax return last year you’ll receive a copy in the mail shortly.

Mr D’Ascenzo also reminded people to contact their tax agent as soon as possible.

“If you’re using a tax agent for the first time or using a different one from last year you need to contact them by 31 October 2009,” he said.

“Only registered tax agents can charge a fee to prepare and lodge a tax return.

“However some people present themselves as tax agents when they are not.

“Registered tax agents are regulated by the Tax Agents’ Board and have the qualifications and experience to handle your tax affairs.”

Visit the Tax Agents’ Board website http://www.tabd.gov.au or call 1300 362 829 to check if your agent is registered.

Compliance focus

We cross-check tax returns against a wide range of data including financial institution data, state and territory revenue and property sales information and Australian stock exchange data.

Help and assistance

If people have questions or need assistance they should visit the Tax Office website www.ato.gov.au or phone the Tax Office on 13 28 61 between 8.00am and 6.00pm weekdays.

The Tax Office can provide you a more personalised service if you provide your tax file number when you call.

source  :  www.ato.gov.au

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