Master prompt
Investment + source-of-funds documentation package (Australia)
Build the source-of-funds + complying-investment evidence package for 188B / 188C: RBI LRS, ODI Master Direction, Form 15CA/15CB, banking and asset trail under PIC 4020.
AustraliaInvestor visaSource of funds188B188CRBI LRSFEMAPIC 4020
You are building the source-of-funds and complying-investment documentation pack for [CLIENT_NAME] under the [STREAM_TARGETED] application. Home Affairs and the nominating State will subject every rupee to PIC 4020 (genuine and accurate information) and to the Legislative Instrument LIN 19/219 framework. A weak trail kills the application.
INVESTMENT CONTEXT
- Stream: [STREAM_TARGETED]
- Total commitment: AUD [INVESTMENT_AUD]
- Source-of-funds narrative: [SOURCE_OF_FUNDS_NARRATIVE]
- Remittance route: [REMITTANCE_ROUTE]
- Intended allocation (188C): [COMPLYING_INVESTMENT_ALLOCATION]
- Indian tax residency: [INDIAN_TAX_STATUS]
§1 — COMPLYING-INVESTMENT FRAMEWORK (188B vs 188C)
188B — Designated Investment (AUD $2.5M)
- Held in a security issued by an Australian State / Territory government, OR
- Alternative complying instruments per Legislative Instrument framework
- 4-year holding period without dilution
- Interest is income to the applicant (taxable)
188C — Complying Investment Framework (AUD $5M) // 2026-05 — verify current LIN allocation rules
Mandatory three-segment allocation (under LIN 19/219 and successors):
(a) Venture capital / growth private equity — minimum AUD $500,000 in an Australian fund licensed by AVCAL or registered with ESVCLP / VCLP framework
(b) Emerging companies managed fund — minimum AUD $1,500,000 in a managed fund invested in ASX-listed emerging companies (small-cap focus)
(c) Balancing investment — up to AUD $3,000,000 in a managed fund investing across permitted asset classes (ASX equities, corporate bonds, annuities, commercial property)
Prohibited: direct residential real estate purchase as part of the AUD 5M complying investment (residential property can be held separately as personal wealth but NOT counted toward the AUD 5M).
Switching: complying investments can be switched between approved fund managers within the 4-year period subject to LIN rules; the AUD $5M aggregate must remain.
188D — Premium Investor (AUD $15M)
Status: largely operationally closed // 2026-05 — verify current Home Affairs schedule
For [STREAM_TARGETED], cross-check [INVESTMENT_AUD] against minimum, then validate [COMPLYING_INVESTMENT_ALLOCATION] against segment rules. Flag any allocation gap.
§2 — SOURCE-OF-FUNDS NARRATIVE (PIC 4020 evidentiary spine)
Convert [SOURCE_OF_FUNDS_NARRATIVE] into a chronological asset-formation paragraph (350-500 words). For EACH source bucket, build a documentary chain:
Bucket A — Founder shareholding sale / business proceeds
- Articles of Association of the originating company (Companies Act 2013 if Indian Pvt Ltd)
- Share Subscription / Founder Allotment letters dated at incorporation
- Cap table at all major rounds (seed, Series A, etc.)
- Share Purchase Agreement (SPA) at exit, with full consideration breakdown
- Form MGT-14 / PAS-3 ROC filings for capital reductions / buybacks
- Income-tax capital gains return (ITR-2 / ITR-3 of relevant AY) showing the gain
- Form 26AS + AIS (Annual Information Statement) corroborating the receipt
- Bank statement showing inward credit of net consideration
Bucket B — Dividend / interest / investment income
- Listed-equity DEMAT statements (NSDL / CDSL)
- DP / broker holding statements at financial year close
- TDS certificates (Form 16A) for dividend / interest income
- ITR + Form 26AS reconciliation
Bucket C — Real-estate sale proceeds
- Original sale deed (chain of title to current vendor)
- Sale deed at disposal
- Stamp duty paid receipt
- Encumbrance Certificate (state Land Registry)
- Capital gains computation + ITR
- Section 54 / 54EC / 54F exemption claims if any
- Bank statement showing receipt
Bucket D — Savings / FD / inheritance
- FD interest certificates from issuing bank
- Bank statements for at least 24 months preceding remittance
- For inheritance: probate or notarised will + death certificate of predecessor + chain of title
- For gift: gift deed + relationship affidavit + gift-tax disclosure (Income-tax Act s.56(2)(x))
Officers expect: every rupee traceable from origin to AU complying investment within 90 minutes of file review.
§3 — REMITTANCE ROUTE: RBI + FEMA COMPLIANCE
For [REMITTANCE_ROUTE], state the regulatory plumbing:
(a) Liberalised Remittance Scheme (LRS) — Resident Individuals
- Limit: USD 250,000 per FY per individual (Master Direction on LRS, FED Master Direction No. 7/2015-16, as amended) // 2026-05 — verify current RBI ceiling
- Permissible for: capital account transactions including investment in foreign securities, immovable property, units of overseas mutual funds
- Family aggregation: spouse and adult children can each independently remit USD 250k/FY (so a family of 4 = USD 1M/FY collective)
- Authorised Dealer (AD) Category-I bank handles the remittance; Form A2 + LRS declaration required
- TCS (Tax Collected at Source) under Income-tax Act s.206C(1G) at 20% on LRS remittances above INR 7L per FY (currently); set-off against final income-tax liability
(b) Overseas Direct Investment (ODI) — Companies / LLPs
- FEMA (Overseas Investment) Rules 2022 + Master Direction on Overseas Investment
- An Indian entity can invest up to 400% of net worth in overseas joint ventures / wholly-owned subsidiaries
- Form FC required at AD bank
- Annual Performance Report (APR) filing obligation post-investment
(c) Sale of Indian asset and outward remittance
- For inherited / capital-gain sale proceeds, NRO-to-NRE / outward transfer of up to USD 1M per FY under FEMA Regulations
- Form 15CA (online undertaking) + Form 15CB (CA certificate) under Income-tax Rule 37BB for every remittance >INR 5L
- DTAA between India and Australia governs withholding rate
(d) Combined route (most family-office cases)
- LRS for personal liquid capital
- ODI for corporate-held assets
- Sale-of-asset + 15CA/15CB for one-time large remittances
For [CLIENT_NAME] given [INDIAN_TAX_STATUS] = ROR: flag that worldwide income remains taxable in India until residence status changes (Indian Income-tax Act s.5(1)). Pre-departure tax planning recommended.
§4 — FORM 15CA / 15CB CERTIFICATION
For every outward remittance (other than personal LRS up to certain thresholds), the remitting bank requires:
- Form 15CB — Chartered Accountant certificate (UDIN-tagged under ICAI rules) certifying nature of remittance, applicable TDS / DTAA relief
- Form 15CA — Online undertaking by remitter, in 4 parts (A through D) depending on amount and taxability
- Acknowledged within 7 working days of filing on Income-tax portal
Maintain copies of every 15CA / 15CB filed during the investment-funding period; attach to Home Affairs source-of-funds annexure.
§5 — DOCUMENT BUNDLE INDEX (for ImmiAccount upload)
Organise the source-of-funds annexure as:
Tab 1 — Executive summary (1 page): total amount, breakdown by bucket A/B/C/D, route map
Tab 2 — Asset inventory schedule (Excel exported to PDF)
Tab 3 — Bucket A: Business sale proceeds (all corporate + tax documents)
Tab 4 — Bucket B: Investment income (DEMAT + 26AS)
Tab 5 — Bucket C: Real estate (deeds + capital-gains return)
Tab 6 — Bucket D: Savings / FD / inheritance
Tab 7 — Banking trail (statements highlighting every relevant inward credit)
Tab 8 — Remittance compliance (LRS Form A2, ODI Form FC, 15CA / 15CB filings)
Tab 9 — Australian receiving end (complying-investment subscription PDS, fund manager confirmations, bank receipt of investment)
Tab 10 — Tax filings (ITR + Form 26AS for last 4 FYs)
Tab 11 — Chartered Accountant net-worth certificate (signed, UDIN-tagged, dated within 90 days of lodgement)
§6 — RED-FLAG SCREEN (review BEFORE submission)
Flag any of:
- Large cash deposits in source bank account in 24 months pre-remittance (FATF + RBI red flag)
- Round-tripped funds (overseas → India → overseas) — explain commercial substance OR remove
- Unexplained gap between net worth and source documentation
- Sale proceeds where capital-gains tax was not paid or was disputed (RBI may block remittance under FEMA + Income-tax tracing)
- Loans from related parties styled as "gifts" — re-characterise honestly
- Pre-existing 15CA / 15CB filings with mismatched amounts
§7 — INDIAN TAX-RESIDENCY EXIT PLANNING (high-level)
For [CLIENT_NAME] given [INDIAN_TAX_STATUS]:
- ROR → moving to RNOR / NR upon physical departure + meeting Income-tax Act s.6 day-count tests
- Resident-to-NR transition typically triggers: closure / conversion of Resident savings accounts to NRO/NRE; re-designation of DEMAT to NRI-DEMAT; updated declarations to brokers / mutual funds
- DTAA relief on subsequent dividend / interest from Australian complying investment under India-Australia DTAA (typically 15% withholding on interest; check current rates)
- Cross-link to a separate India-tax advisor — outside MARA scope of practice
End with: "DRAFT source-of-funds package — for MARA-registered migration agent review AND Indian Chartered Accountant + Indian tax counsel co-review. Verify current RBI LRS ceiling, current Income-tax TCS rate under s.206C(1G), and current Legislative Instrument on complying investments. Source-of-funds gaps are the most common reason for refusal under PIC 4020 — under-document at your peril."Unlock the vault to see the full prompt