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Found 2 results

  1. Guest

    Cont Parent Vusa - Tax on Bond?

    Hi All I have been asked a question the answer to which I don't know. We didn't bother to enquire closely when finalising my mother's CP 143 vsa last year. The query is this: The CP 143 applicant couple intend that a friend of theirs will provide the AOS because their only child, albeit the Sponsor and an Australian Citizen by birth, is an impecunious student. The plan is that the Parents will send the $14,000 for the Bond to the friend. The friend wants to know whether the $14,000 will attract either Austrslian CGT or Income Tax in his hands? I am clueless about Tax (Alan Collett is very forgiving of my abject ignorance of this subject! ) When I vaguely tried to investigate this question last year on my sister's behalf, since Mum was sending her the money for the Bond, I vaguely think that I found a provision on the ATO website that seemed to be relevant. It seemed to me to say that if Bloggs sends money to Smith in Australia, and Smith then uses the whole of that money to benefit Bloggs, it is a totally tax-neutral event. I think I almost certainly found this somewhere in the stuff about Australian CGT, since it seemed to me (not that I have a reliable cliue) that a bung of $10K or $14K is more likely to be a potentially chargeable capital gain than a receipt in the general nature of "income." But that notion iis itself really no more than a wild guess on my part....! I've no idea what the concepts of Tax are - all I know is that they fleece me the whole time. Also, the ATO provision was not sufficiently idiot-proof for me. To be so, it needed to say, "Bloggs offshore can bung the money to Smith in Australia to cover the AoS Bond without Smith incurring any sort of tax-liability for the receipt of the dosh." It was not that specific. And I could well be dreaming... There is no meeting of minds between the Taxman & I. I don't understand a word of what he says. Does anybody happen to know the answer to this, please? Many thanks Gill:confused: :jimlad:
  2. Hi guys, been looking at parent contributory visas both temporary and permanent. I understand about the 2 year settlement period before we can apply for either, but I have read somewhere that it can take 15 months for the 143 visa, but the 173 can be quicker, if so how quick is this?? can anyone help?, also does anyone know, if the 2 year settled period is set in stone or can we apply sooner??:confused:
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