You may already held Subclass 188 business innovation visa or your application is currently being processed. It is important to understand what type of business is identified as “qualifying business”. Here are some explanation from Regulation 1.03 and PAM 3 – GenGuide M.
"Qualifying business" means an enterprise that:
Operated for the purpose of a profit It is not necessary for a business to have operated at a profit to be considered a qualifying business, only that it is being operated for the purpose of making a profit. Officers should consider the whole circumstances when considering whether an applicant has operated a business for the purpose of making a profit. A non-profit or not-for-profit business would not generally be considered a qualifying business. If an entity or business is registered as non-profit or not-for-profit, officers should take this as a strong indicator that the entity or business has not been established for the purpose of making a profit. If the turnover requirement has been waived by the sponsoring/nominating State/Territory government - for example, refer to 892.213 or 888.226 - to be considered a qualifying business the business must have commenced trading, unless there is a long lead time taken to develop the product and to realise profit (for example, in primary industry, where the products take time to grow) but this does not discount the purpose - the applicant must be actively working towards commencing trading. Rental property / businesses The provision of rental property and businesses that are primarily or substantially for the purpose of speculative or passive investment are specifically excluded from being qualifying businesses. Interrelated companies In the few instances where a main business is split into two companies - one operational and the other involving land and buildings used in the business (therefore only one of these two companies is satisfying the definition of a qualifying business) - these two interrelated companies may be regarded as one main business for the purposes of meeting the definition of qualifying business. However, rent or lease fees charged from the holding company to the operating company should not be included in any calculations for the main businesses turnover as these are simply internal transactions of the main business. For clarity, the ABN will identify the single business to be considered as a qualifying business. Goods and services to the public If goods and/or services are provided for profit to more than one person or entity (not otherwise related to the operator of the business), the business is considered to provide goods and/or services to the public. Applicants must demonstrate that the qualifying business is providing goods and/or services to the public. A business would not be considered to be providing goods and/or services to the public if:
Rental property Businesses that provide rental property are excluded from being qualifying businesses. If a business provides a combination of rental property and other goods/services and the applicant provides documentation that excludes the income, expenses and assets relating to the provision of rental property the remaining portion of the business may be assessed against the visa requirements. Speculative investment Businesses operated primarily or substantially for the purpose of speculative investment are excluded from being qualifying businesses. Speculation includes:
Business ventures based on a high level of speculation with a great risk of potential failure, particularly if the success of the venture is dependent on external factors beyond the applicant’s control are speculative investments and are excluded from being a qualifying business. External factors beyond the applicant’s control include:
Passive investment Businesses operated primarily or substantially for the purpose of passive investment are excluded from being qualifying businesses. Passive investments are money raising activities that, similar to collecting rent from rental properties, require little or no input from the applicant and might include:
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Recent changes to the Fire and Emergency Services Act 1990 require all Queensland houses, town houses and units to install ‘Photoelectric Smoke Alarms’ commencing 1 January 2017. Under updated legislation, photoelectric smoke alarms are required to be interconnected with every other smoke alarm in the following locations:
Given the significance of the change, the Queensland Government has imposed a 10 year phased rollout of legislation to give Queenslanders time to adapt to the new requirements.
New buildings or those undergoing significant renovations will have to be fully complaint with the legislation from 1 January 2017. All houses leased or sold will need to meet compliance within 5 years. Private dwellings will only have to be fully compliant within 10 years. The Queensland government believes the new reforms are leading a life-saving overhaul to the smoke alarm systems. Photoelectric smoke alarms can respond towards a wide range of fires. Further, an interconnected alarm system will alert the resident, no matter which part of the house the fire starts. What does it mean for your home?
What does it mean for a Seller or Landlord?
What does it mean for developers?
Click here to discover how the new legislation can affect you. Click here for a summary of requirements provided by the Queensland Fire and Emergency Services Source: Fire and Emergency Services Act 1990 The Fire and Emergency Services (Domestic Smoke Alarms) Amendment Act 2016 Queensland Government Media Statements Queensland Fire and Emergency Services It can be seeing that Glitter Strip prepares to host the Commonwealth Games in just over a year, its lifeblood industries — construction, tourism and real estate — are humming while health care is rising fast.
Apparently, while other regional economies have been struggling, the Coast’s has grown from $26.3 billion to $29.6 billion in five years, figures analyzed by finance and economics consultants AEC Group for the The Sunday Mail/Courier-Mail’s #goqld series reveal. Construction has been the star performer. After dipping below $2.5 billion in the wake of the GFC when major developers went belly-up and the banks black-listed the Gold Coast, the value of the city’s building sector is back in $3 billion territory. Gold Coast approvals are surprisingly strong because unit approvals have held up, unlike in Brisbane,” Master Builders deputy CEO Paul Bidwell said. “Building approvals are an indicator of construction activity in the year ahead so it’s going to be a very good 2017 down on the Coast.” Coast real estate has also bounced back from its GFC lows, with latest Real Estate Institute of Queensland figures showing median sale price growth of 5.6 per cent in 2016 and 16.5 per cent over five years. And tourism is also booming, with latest figures revealing a record influx of 4.67 billion Australian and overseas visitors in the 12 months to September, up 6.2 per cent. Tourist spending jumped almost 9 per cent to $4.3 billion. Gold Coast Mayor Tom Tate said he was optimistic the Coast could avoid a post-Commonwealth Games hangover. “There are about $11 billion worth of private and public projects ready to go, (some) I would say past the Commonwealth Games,” he said. “We’re working hard to get the light-rail third stage (from Broadbeach to Coolangatta) off the ground and to attract more international students.” Source: REIQ Gold Coast economy grows to $29.6 billion ahead of 2018 Commonwealth Games |
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