Australian Immigration Daily News

Migration Agents are starting to have a serious concerns in relation to Vevo.
 
As Migration Alliance RMAs would know, with visa labels now non-existent, our reliance on Vevo is paramount in determining the current status of a visa holder.
 
An email this morning from an RMA to the Migration Alliance This email address is being protected from spambots. You need JavaScript enabled to view it. email says,

'I feel that this is not as reliable and cant be trusted to determine the true status of any given visa holder.
 
For example, recently upon checking the visa status of one of my applicants, the Vevo records showed that he was the current holder of a 119 visa and this visa was "in effect" and he was offshore.
However, I knew this to be incorrect due to the applicant did not arrive onshore before his deadline date on his original visa approval.

So I emailed DIAC to request a true status and they confirmed that the applicant is not able to arrive onshore with this visa.

Migration agents are encouraged to take two surveys which we believe will assist us in our efforts to represent you at our DIAC and Office of the MARA meetings:

1. Survey on the Migration Agents Gateway:

The migration agents gateway is supposed to be a gateway just for migration agents.  The issue agents have is that it is not private or locked, but open to the public.  This means it is actually a public gateway.  Agents have been complaining about the length of time it takes to get a response from the gateway, the message that shows on the gateway before agents post a query (opressive and insulting) which asks RMAs to agree to a host of things before asking a question, and the answers from DIAC being incomplete or not answering the question.  In my next quarterly meeting with DIAC I am going to take the results of the survey below and sit down with DIAC and try to create a better solution.

Migration Alliance members.......if you’ve been thinking of switching your home loan for a better deal, or you’re shopping for a new home, now’s the perfect time to switch to Qantas Credit Union.

Not only could you save thousands of dollars by switching, but for a limited time you can receive $500 spending money!

All you need to do is apply for a new or refinanced home loan of $250,000 or more by 31 December
2013 and settle by 28 February 2014 to receive your $500 cash. This offer is available on our Step
Ahead Home Loan and Fixed Rate Home Loan.

Please contact us or see our website for more information on the promotion terms and conditions.

A deal that beats the banks!

Low fees can really make the difference - take a look at our low comparison rate compared to the banks.

The comparison rate is a tool that you can use to help identify the true cost of the loan. It takes into

account the interest rate, as well as any upfront and ongoing fees and charges relating to the loan.

As part of the SIV process every state and territory has recommended that SIV applicants seek qualified independent investment advice. The recently announced changes to the legislation relating to the SIV Eligible Managed Fund Investments make the need to obtain independent advice of vital importance.

As part of Ord Minnett’s arrangement with Migration Alliance Agents they firstly want to ensure that Migration Agents don’t breach the Corporations Act by inadvertently leading clients down a specific investment path such as full investment into a state government bond or one of the various newly established managed funds. This would constitute Financial Advice which one must be licensed for. 

As Ord Minnett is independent from product providers we are able to offer SIV applicants advice on and access to all of the 50 plus currently SIV complying managed funds. The number of funds is expected to grow exponentially on 23 November when the universe of potential SIV compliant fund managers will grow to include those using allowable levels of derivatives for portfolio risk management and annuities issued by an Australian registered life companies.

The Ord Minnett advisory process is easy to follow:

·         After the obligation free discussion / meeting they will for each client, create a concise financial profile, which will include the client’s attitude to risk.

·         As and when required they will introduce clients and liaise with their legal, taxation and specialist banking partners.

·         Prepare a SIV Investment Advice Strategy Paper that will define the bespoke SIV compliant investment strategy and use asset allocation models to demonstrate which investments are most suitable.

They construct portfolios that range from the most popular and very safe, Defensive Conservative Portfolios right through to the more balanced but still conservative “Blue Chip” Growth Portfolios.

·         The Investment Advice document including the required form 1413 declarations will then form part of the visa application.

·         They facilitate the implementation of  the agreed investments when client is invited to do so by DIAC.

·         Provide evidence that Complying Investments of AUD5 million have been made via written or emailed confirmation from the Treasury Corporation and the IDPS transaction statement showing the date of and amount of the complying investments, as well as the value of the portfolio.

·         At agreed intervals they will review the progress of the portfolio and recommend and make adjustments as required. They will provide evidence that the period of time between the date funds were withdrawn from one complying investment, until the date that the funds were reinvested into other complying investments were no more than the allowed 30 calendar days. Evidence will be in the form of the IDPS transaction statement showing the date of redemption and the date of reinvestment and the value of the portfolio.

·         Provide the required evidence that Complying Investments of AUD5 million have been held for the life of the Business Innovation and Investment (subclass 188) visa.

Please remember that Ord Minnett can support Migration Alliance Agents by :

1.       Contributing towards marketing via a news release or email to their databases

2.       The capability of paying attractive commissions upon the lodgement of complying investments

3.       Provision of glossy hard copy materials which cover the basic aspects of the visa and the investment aspects

4.       Provision of consultation on the investment aspects to help prospective clients make decisions.

Their investment solution is already up and running and they are already doing business. They are also well placed to assist your clients with their Australian taxation and banking needs and look forward to introducing them to and working with our bi-lingual accounting and private banking partners.

Brett Waller and Luke Headland from Ord Minnett look forward to continuing their working with Migration Alliance members and their SIV clients.

Please do not hesitate to contact Brett Waller or Luke Headland if you have any questions or want to discuss any prospective SIV applicants.

Yesterday, MIA members sent me a copy of the next email to come from the MIA.  I am not sure why this email was sent as it adds nothing to the situation other than adding more mystery to the sudden departure of Maurene Horder.  Was she sacked by the board?  Did she resign for medical reasons?  Has anyone been given a proper reason why she has suddenly gone a week before the Federal Elections?  As you can see, Maurene Horder attended the Labor party conference.  Is it that she was too entrenched with the ALP to be of any real help going forward with Liberal Ministers?  Ms Horder has gone so fast that the MIA have had to put on an Acting CEO, Kevin Lane.   Wow!

The email that went out to MIA members yesterday is as follows:

Message from the National President