Welcome to the next instalment of the BSMQ Decision Ready Application series.
In this article we will focus on the Settlement Funds Declaration form required for the skilled 190 and 489 visas.
In this document, applicants need to declare their cash and other funds or assets to ensure they meet Queensland settlement-funds requirements depending on their circumstances.
Requirements differ based on whether an applicant is onshore or offshore and the number of dependents they have.
For example: If an applicant is onshore and has no dependents, they need to provide evidence that they have the $5,000 mandatory cash component in the bank and have other funds or assets of $5,000 ($10,000 in total). If an applicant is offshore and has no dependents, they must also provide evidence of the mandatory cash component of $15,000 and have other funds or assets of $15,000 ($30,000 in total).
Applicants can prove they have the mandatory cash component by providing a recent bank statement and a summary of overall funds in their account. If you are providing a statement, please only include the summary pages of the statement, and highlight the total amount.
A bank statement showing a total of $10,000 overall for onshore and $30,000 for offshore is enough to meet the cash and other funds or asset requirement and many applicants choose to do this (ie just show cash for total figure required).
Please note: If an applicant has a PROPERTY or a CAR and they are onshore, these assets CANNOT be considered. If an applicant is offshore, property and a car CAN be counted as an asset as it is likely that they will need to be sold prior to moving to Australia. Insurance or other household items cannot be included in assets.
Other items that are considered assets include term deposits, other cashable entitlements (such as leave payments, net value of stocks and shares, gold etc) and pensions (if they can be accessed prior to retirement age). For onshore applicants working in Australia, Australian pensions are not considered as they are not accessible until retirement age.
If you are submitting multiple documents that show other funds components (shares, gold, pensions etc), please highlight the total net value figure on each document and make sure this total amount is copied across exactly to the Settlement Funds Declaration form. Please also ensure that the form is signed and dated by the applicant.
As noted above, we do not need to see the bank statement history, just the account holder’s name, account numbers and closing balances. Please ensure the total bank statement figure is copied across exactly to the Settlement Funds Declaration form.
Download a fact sheet on the Settlement Funds Declaration form.