Here is a long answer cut very short. CPA or CA advice to verify local practices, reports and valuations.
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What standards must be met to prove money was earned legitimately for the Australian immigrant investor streams?
I am interested in immigrating to Australia and have the funds to complete the process. However, I come from a country with a more informal economy. Many people hold onto gold. Property records are far from perfect, as are bookkeeping practices. What are some general tips to prove to legality and legitimacy of my business revenue sources?
Answers
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Acceptable documentation for each type of asset is as follows: Cash, a bank confirmation of account statements as at the end of each relevant fiscal year. Some banks have their own standard form for such purposes.You may be asked to provide additional bank confirmation of account statements for the intervening periods if significant variations in balances have occurred. Real estate: Original or certified copies of title deeds. Independent valuations by bank-approved valuers on each of the properties including title details. Other evidence such as sales and purchase agreements can be provided. Stock and bonds: Record of share transactions verified by stock broker or stock exchange as at the end of the fiscal year. Share scrip contract (buy/sell) indicating the market value of shares. Business ownership: Financial statements of the relevant business as at the end of the fiscal year. Documentary proof of your ownership share in the business. Loans to business: Confirmation by a recognized accountant that the loan is recorded in the financial statements of the debtor business. Bank statements evidencing the loan by showing a withdrawal from the creditor’s account and deposit into the debtor’s account to the value of that loan. Bullion: Purchase contract from a registered bullion dealer. Independent confirmation that you still own the bullion and indicating where it is held (for security purposes). Note: All documents must refer specifically to the values as at the dates required and include your name (and/or the name of your spouse or de facto partner, where relevant).
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You need to prove that your source of income and show you have paid tax on all your income reported for the application (both personal and business income). If you show cash assets, and some of it was gifted to you by parents or other parties, then you will need to prove their source of income as well. If you are owning assets such as real estate, provide proof of either work income in years before you bought the properties, inheritance or capital growth.
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