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MIGRATION REGULATIONS 1994 - REG 5.19B Complying investment

MIGRATION REGULATIONS 1994 - REG 5.19B

Complying investment

  (1)   An investment by a person (the investor ) is a complying investment if all of the requirements in this regulation are met.

Description

  (2)   The investment must consist of one or more of the following:

  (a)   an investment in a government bond (however described) of the Commonwealth, a State or Territory; or

  (b)   a direct investment in an Australian proprietary company that meets the following requirements:

  (i)   the company is not listed on an Australian stock exchange;

  (ii)   the company has not been established wholly or substantially for the purpose of creating compliance with this paragraph;

  (iii)   the investment is an ownership interest in the company;

  (c)   an investment in a managed fund (directly or through an investor directed portfolio service) for a purpose specified by the Minister in an instrument, in writing, for this paragraph.

  (3)   The funds used to make the investment are:

  (a)   unencumbered; and

  (b)   lawfully acquired.

Investor

  (4)   The investor must be an individual.

  (5)   The investor must make the investment:

  (a)   personally; or

  (b)   with the investor's spouse or   de   facto   partner; or

  (c)   by means of a company that has issued shares and in which:

  (i)   the investor holds all of the issued shares; or

  (ii)   the investor and the investor's spouse or   de   facto   partner hold all of the issued shares; or

  (d)   by means of a trust:

  (i)   that is lawfully established; and

  (ii)   of which:

  (A)   the investor is the sole trustee; or

  (B)   the investor and the investor's spouse or   de   facto   partner are the sole trustees; and

  (iii)   of which:

  (A)   the investor is the sole beneficiary; or

  (B)   the investor and the investor's spouse or   de   facto   partner are the sole beneficiaries.

  (6)   If:

  (a)   an investor withdraws money from a complying investment, or cancels the investment; and

  (b)   the investor makes an investment of at least the value of the withdrawn money or cancelled investment in one or more other investments mentioned in subregulation   (2); and

  (c)   no more than 30 days passes between the events mentioned in paragraphs   (a) and (b);

the investment is taken not to have ceased to be a complying investment during the period between the events mentioned in paragraphs   (a) and (b).

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