Business Skills Visas: Court Interprets Meaning of Main Business - PowerPoint PPT Presentation

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Business Skills Visas: Court Interprets Meaning of Main Business

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In that circumstance, can the umbrella legal entity that owns the separate businesses be relied on as the “main business” for the purpose of satisfying the “asset test” of subclause 892.212(c)(ii) – PowerPoint PPT presentation

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Title: Business Skills Visas: Court Interprets Meaning of Main Business


1
Business Skills Visas Court Interprets Meaning
of Main Business
2
The criteria of such visas, specifically
subclause 892.212(c)(ii) requires that the
applicant demonstrate that the assets owned by
the applicant and/or the applicant's spouse or de
factor partner in the main business must have a
net value of at least 75,000 AUD throughout the
12 month period ending immediately before the
application is made. So, suppose you have a
complex situation where several very diverse
business activities are all owned by a single
legal entity and the businesses all share the
same Australian Business Number.Also suppose
that the reporting for the several businesses is
all done on a consolidated Business Activity
Statement for the legal entity that owns the
businesses, and likewise that the profit and loss
statements and the assets and liabilities for the
separate businesses are all reported on a
consolidated basis for the umbrella legal entity
that owns them. In that circumstance, can the
umbrella legal entity that owns the separate
businesses be relied on as the main business
for the purpose of satisfying the asset test of
subclause 892.212(c)(ii)? Or must the visa
applicant nominate one or more of the
businesses that are operating under the umbrella
of the legal entity, and rely on the assets of
those businesses in order to meet the asset test?
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