The Government of Australia has said that it would test the amendments to visa arrangements in important markets in a move to boost the number of investors and visitors. The declaration was made during the period of federal budget.
These would include fast track services of visa for citizens from India and the UAE, and a three year multiple entry visa for low risk citizens from Vietnam, Thailand and Chile.
This step is expected to increase income of around $1.5 million from four years from this year.
According to the Treasurer, Scott Morrison, the plan builds on last year MYEFO step that includes trial of fast track visa service for citizens of China.
The Australian government has said that it would save around $180 million for three years from now, by enhancing automation in processing of visa, offering options of self service and utilizing additional sophisticated capabilities of assessment.
Australia has also announced that they are going to set new fee cost for their passports from January next year, the cost would be $20 for adults and $10 for kids.
The government had said that this measure would increase around $172.9 million for four years from now that would be utilized by the Australian government for helping compensate the cost set for the consular services and priorities of fund policy.
According to Scott Morrison, this year’s budget was targeted to help small and medium businesses that drives employment growth in Australia
From 1st July this year, the small business rate of tax would be reduced to 27.5%. The threshold for small businesses to access that rate would be raised from two to ten million Australian dollars.
Morrison also said that around 8,70,000 businesses who employ around 3.4 million Australian citizens would gain from the minimized tax rate.