The Financial Burden Of Parents Is Too Much For Many
The Minister for Social Service Dan Tehan has introduced a legislative instrument to amendment the financial criteria for Assurance of Support in which all Australian Citizens and permanent residents who wish to sponsor their overseas parents to come to Australia under 143 Contributory Parent visa program have to meet.
Under the current new requirement, the taxable income for a sponsor will almost double compared with the previous one, and the years required to meet the requirement has increased from 2 years to 3 years. Such as 1 adult assurer to provide assurance for one parent has to be at least $58,860.94 annually (previously required amount only a little bit over $30000).
Where an assurer is married or has a de-facto partner the income requirement will be significantly increased to $88,291.41 annually regardless of whether or not this partner or spouse is willing to be jointly included into the assurance of support.
To provide an Assurance of Support for two parents the minimum annual income requirement has increased from $35793 to $115476.
The Assurance of Support bond Required is:
The Assurances of support bond, which is payable into the Australian Bank for 10 years by the Assurer will increase by approximately 50% from 1 April 2019. For example, the AoS bank guarantee to be paid for a contributory parent visa increases from $10000 for the first adult to $15 000.
While an additional $6 000 will be required for a second parent
Who will be affected by this amendment?
All Australian Citizens and Permanent Residents who have parents overseas are or will be affected in the following ways:
You will be required for higher taxable income, different from assessable income, which means you cannot exercise your legitimate rights to claim a tax deduction to legally minimise your taxation burden
You will face much higher taxable income requirements if you have a spouse or de facto partner, especially when you have at least one child and your spouse or partner is resigned and taking care of your child at home
You will be affected if you have already lodged a 143 visa application for your parents and you may not satisfy the new income requirements as it almost doubled up the previous requirement
Cheaper Alternatives to Secure Permanent Residency
Australian residency by investment visas may be a cheaper option for many in the medium to long terms and does not place such a high financial burden on the sponsoring child. To discover more about Investor visas or securing permanent residency for retirement in Australia visit our dedicated pages below.
Or, Complete our online assessment form to discover more.
Do You Remember When
emigration was simple...
Sponsoring a Parent
Name: Too Expensive For Many Children
Description: While it would be too politically charged to remove the Parent Visa option the Government has found a way to stop 90% of cases succeeding.
To provide an assurance of support for a married child who wished to bring over two parents is now too expensive for many.
The solution for many parents is to apply for residency by investment to protect the children from an overwhelming financial burden.