Huatai Immigation and Education

Huatai Immigation and Education HUATAI is a 20years of age firm prodving services of immigration assistances, educational advisory and financial advice

HUATAI Immigration, Finance & Tax Advisory Services is an established firm mainly in the services of immigration assistances, educational advisory, business operations and accounting services. Since our commencement of business in 1997, Honesty and Efficiency“is our philosophy. Huatai has offered a wide range of professional services including applying family/business type of immigration and visa, student visa, school/college/university application, bookkeeping and Accounting, Taxation services.

✨Visa Types Information✨Today I'm going to share some visa types that are skills and working related. There are 19 subcl...
01/11/2021

✨Visa Types Information✨

Today I'm going to share some visa types that are skills and working related. There are 19 subclasses of visas in this group.

Please have a look at images that include four different categories -

🎯 Business Skilled Visa
🎯 Working Skilled Visa
🎯 Studying and Training Visa
🎯 Other Visa

If you think that this post would be helpful in the future, please save this post. 🥰

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What are you looking at? 👀I went for a walk the other day and saw this little fella was chilling under the tree.😍 ...
01/11/2021

What are you looking at? 👀

I went for a walk the other day and saw this little fella was chilling under the tree.😍

‼️ Deductions you can claim‼️1️⃣ Allowable deductions -Referring back to the income tax equation (have a look at the sec...
19/10/2021

‼️ Deductions you can claim‼️

1️⃣ Allowable deductions -

Referring back to the income tax equation (have a look at the second picture), we can see that the deductions are playing a critical role when calculations of tax amount. You can do much less in the assessable income part no matter you are employees, small business operators, property or stock investors. The size and frequency of the income are largely out of your control. It is the allowable deduction that can help to make the difference for paying more or less of tax. The high net wealth individuals and companies seemed paying less than their fair share of tax simply because they utilised all available legitimate deductions.

2️⃣ Three Steps for deductions -

IRC (Identify, Record and Claim), please have a look at picture 3.

3️⃣ Deductions for individual taxpayers -

Please have a look at picture 4 & 5.

✨ All depends on the purpose of the expenditure -

Although the expenditure did not earn any assessable income, it may also be able to claim as deduction.

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📣 Important Announcement 📣 Hey everyone, how’s going? 👋🏼From the past few weeks, we’ve been posting and studying several...
07/10/2021

📣 Important Announcement 📣

Hey everyone, how’s going? 👋🏼

From the past few weeks, we’ve been posting and studying several articles about Australian tax, finance and visas.

Finally, we decided to move to the next stage! We will provide more interesting and helpful information, just for you!

Please stay tuned and follow and like us on our official social media pages and visit our website if needed✨💛

📝 Listing Family Related VisasThere are 19 subclasses of visas in the Family Related Visas. Listing the categories in th...
05/10/2021

📝 Listing Family Related Visas

There are 19 subclasses of visas in the Family Related Visas. Listing the categories in this content, for more details such as visa numbers and names, please find images attached.

🖇 Partner Visa : 4 kind of visas
🖇 Parents Visa : 7 kind of visas
🖇 Child Visa : 4 kind of visas
🖇 Carers Visa : 2 kind of visas
🖇 Remaining Relative Visa : 2 kind of visas

Please do not hesitate to contact us via messages, email or our website.

Stay tuned for new content. Will release next week! See you soon💛

💡Income Types - 2As we talked about assessable income, there’s one category called “ordinary income”. In this item, ther...
24/09/2021

💡Income Types - 2

As we talked about assessable income, there’s one category called “ordinary income”. In this item, there’s three different types. We talked about the first type “Personal Service and Exertion Income” last time, let’s dive into the other two, shall we?

Please have a look at the second picture - “Property Incom”

✨ Rent - Be careful of the rent reported in a financial year will render your property as an investment property. In this case, when you sell your property later on, there may have capital gain tax issues arose.

✨ Interest - Even the interest has not been credited to your account, so long as you have instructed to reinvest the interest, the interest will be assessable. This is true although only income received is assessable.

✨ Dividends - Same as above, even you choose not to receive cash for the dividend rather reinvested for more shares, the value of the interest will still be assessable in the year of income generated. The imputation credit along with the franked dividends will also be part of the assessable income.

Next, please have a look at the third picture - “Business Income “

✨ Sole trader business - All profit made from your running of a small business.

✨ Partnership - The share of profit from the partnership will be assessable to the partner while the partnership itself not liable to pay income tax.

✨ Companies - Even a company totally controlled by you, company is a separate legal entity, you and the company are separate taxpayers. As a company director, you may have salary, wage, director fee etc that formed personal service and exertion income. As a shareholder, you may have dividends from the company.

✨ Trusts - Most of them are family discretionary trusts, units trusts and various purpose trusts. When consider to save tax, it is necessary to plan ahead before the year end trust profits appropriations.

✨ Combinations - This one is out of the touch of general public who has limited tax knowledge, time and resource of managing the tax affairs.

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💡Timing issues on Visa assessmentPlease look at the second picture of this post. There are three issues we need to know ...
17/09/2021

💡Timing issues on Visa assessment

Please look at the second picture of this post. There are three issues we need to know after lodged a valid visa application.

➡️ Time limits on visa assessment

It is often happening as soon as a visa application is lodged, applicants would always concern when the visa can be granted or decided. The regulations set out time limits for the processing of applications. There are standard time limits.

The following link can find more detail ⬇️

https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-processing-times/global-visa-processing-times

However, these limits do not apply to health, qualifications, English language and even character assessments. The time limits are not compulsory in that the visa officer can exceed the time limits but cannot make a decision within a lesser time limit.

➡️ Point of times when visa application being assessed

A difficult area is a time at which a certain law is to be applied to the facts of a visa application. Let say a person makes a valid application on 1 July 2019 and the decision is not made until 1 July 2020. meanwhile, some aspects of the law are amended. The visa was refused and the application for review was lodged.

It is not always straightforward to rely on the law as it stood on 1 July 2019 or would the decision-maker be required to look at the changes any time up until 1 July 2020.

The decision-maker may be able to use the new laws and sometimes the old law. Both applicants and decision-makers will have to check the specifications in the regulations and acts.

Especially the commencement date and circumstance need to be checked.

The new laws may have a certain period of the retrospective operation time, or at a future date to be determined. There may have many times of amendments in one provision. So a valid application can never be believed to meet all criteria.

➡️ Processing priorities and capping

There are different factors that may delay or prevent a visa from becoming available to a visa applicant as you can see from the link above.

Capping is the visa limit set out in the Migration Act. The Minister of Immigration has the power to direct delegated officers in prioritising the caseload as authorised by the law.

Don’t forget immigration has a role to play in the Australian economy while the Department of Immigration has the obligation to better administrate the law to make a contribution.

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💡 Understand Your Income TypesIt is clear that income tax is taxed on taxable income. But may not all incomes be taxable...
10/09/2021

💡 Understand Your Income Types

It is clear that income tax is taxed on taxable income. But may not all incomes be taxable as tax laws were made by humankind to serve humankind in the society as a whole.

People in the world can have many kinds of income from all sorts of active activities and/or passive investments. It doesn’t matter whether you earn the income from personal efforts or via a type of business structure, the incomes will be classified and assessed by yourself, your accountant and the tax office for meeting the tax obligations in according to the relevant laws.

It is true that no one in the world can exactly answer what is income. Even in the tax law there is not a final definition so end up to the court to judge most of the cases.

Tax law will treat you have income when you have receive money either in cash or equivalent. It is further classified as Income Receipt and Capital Receipt.

A tax payer only need to have what they have received to be assessed for paying tax.

👉🏻 Second Image 👈🏻

There are three broad income types and in Assessable Income, you can divide it into two types -

👉🏻 Third Image 👈🏻

Ordinary Income and Statutory Income. In ordinary income type, you can also divide it into 3 sections.

Furthermore, let’s move to the 👉🏻 Forth Image -

The last section for personal service and exertion income. There are so many income types in this section so we list as many as we can.

It is important to know that not all above may be in cash format. But it is also assessable income although in a format of goods, land, meals, use of premises, sustenance and services etc. In this case, the market value would be treated as income/benefit received.

Pure gifts and prizes, like gambling wins, are not assessable income.
Incomes from illegal activities are assessable.

If there are any questions, do not hesitate to message us. Please stay tuned for our next post 🙌🏻

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Spring has arrived 🌿🌼
09/09/2021

Spring has arrived 🌿🌼

💡 How to understand your visaWhenever you see a migration agent for a further visa options, or you visit some government...
03/09/2021

💡 How to understand your visa

Whenever you see a migration agent for a further visa options, or you visit some government agencies for help, the first thing is whether you have a valid Australian visa if you are one of the migrants or temporary residents.

There are large volume information contained in your visa grant letter that issued by the Australian Government. Visa holders are always advised to understand the contents of the grant letter as there are too many rights and obligations indicated within the letter. As a visa holder, i.e. a foreigner, you have something you can do and something you are not allowed to do in this new country.

The detail things that you can and can’t do are basically listed in the visa grant letter.

The core information contained in a recent typical visa grant letter - attached images above - there are three important categories.

There are 14 items included in above while some other visa grant may also include an item called visa conditions numbered as 8### which is critical to visa holders to know. Such as 8101 No work condition, a visa can be cancelled if visa holder breached this condition while work in Australia. After the visa being cancelled, the visa holder will only have very limited options to choose if wants to stay further.

It is advised to keep this letter in a secure place for long time as it is important.

If there are any questions, do not hesitate to message us. Please stay tuned for our next post 🙌🏻

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💡Form of Business OperationLast time we mentioned two legal structures for doing business with one is sole trader and th...
26/08/2021

💡Form of Business Operation

Last time we mentioned two legal structures for doing business with one is sole trader and the other is partnership.

The common nature of the two are easy to set up and control with relatively low cost of setting up and daily running.

However, for the protection of personal assets, people often avoid anything that have the potential to risk what they have hard earned. The human nature is just try to get more benefit and loose less by whatever way lawfully and reasonably and even some may go beyond.

In consideration of above, people invented following legal structure to explore the business world.

👉🏻 Companies
👉🏻 Trust

It is normally in need of a professional people to assist for forming this business structure. Along the way of running a business or many business under this structure, you may need different people like accountant, tax agents, solicitors, real estate agents, insurance brokers, bankers and other sorts of business related professionals.

As we can see on the images above, explain clearly different advantages and disadvantages for each structure form.

Please note that it is declared that no one should rely on contents for taking any actions without seeking professional advices.

If there are any questions, do not hesitate to message us.

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Hello, Sydney!I am such a handsome cockatoo🌿
24/08/2021

Hello, Sydney!
I am such a handsome cockatoo🌿

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