NRAS - ETHAN: class action

Same here. Terry has been a champion chasing up Ethan. I have also received my RTOC for 2016/17 and I'm under a head lease agreement. I'm still after my state incentive amount but that is a fraction of the total amount owed. My accountant is now processing an amendment to my 2016/17 Tax so I expect that will come through .

 

I'm new to this site but having been reading the history . I've chased the DSS , corresponded with the offices of Paul Fletcher, Doug Cameron and my local member , Bil Shorten. I have got lots of advice and sympathy but no commitment to take any further action in addition to what happened last year with the exit of Ethan out of NRAS. I've also been to both last know addresses of Ethan in Canterbury Road but found no presence of them there.

 

We have also received our RTO for 15/16 and 16/17 from Tebter.

Next thing is, how do we get our state incentives?

 

I suspect we won't get the state incentive from past years.

 

Got my RTOC funds for 2016/17 back from the ATO plus interest. Will still be chasing up Ethan for the state part.

 

I know it's not all the money, but getting 75% of it back must be a great relief....

 

I there actuality a class action in place that I could join. I too am owed a considerable amount of money by Ashley Fenn /Ethan.

 

Yes I changed but it was all to late an had to sell my property. At least I will get my incentive payments for 2017/18 via Questus

contact DSS and find out who the authorised Nras provider in your area that you can transfer to.

 

You can apply to transfer to ANY approved participant

My VERY STRONG recommendation is AAHSL or AMC... but choose whoever you like.

 

Ethan was placed into Voluntary Administration on Feb 20th. This will most likely lead to a liquidation of the company.

 

Ethan bought Quantum a couple of years back, and has been migrating NRAS allocations across to Quantum ever since. Ethan can fold up, but the problem has just migrated to Quantum. Same guy who owns Ethan, now owns Quantum.

I have tried and tried and tried to warn people to move... and there still appear to be people not acting on the advice... At this point I don't know how else to say it .... MOVE

 

Hi,

I tried to transfer to another NRAS approved provider but the DSS refused my application. Seems' that the Government baggage Ashley operations. I still not rec'd any 2017/18 incentive yet.

Do anyone know, how can we object the DSS decision

Dear NRAS Investor

We are writing to inform you that, on 19 December 2018, at the request of Ethan Affordable Housing Limited (Ethan), the Secretary of the Department of Social Services transferred all of Ethan’s NRAS allocations to another approved participant, Questus Funds Management Limited (Questus). The transfer was made under Regulation 21 of the National Rental Affordability Scheme Regulations 2008.

The Secretary of the Department is of the view that the transfer is in the best interests of investors.

Because the NRAS allocation associated with your rental property has now been transferred to Questus, your transfer request under regulation 21A of the National Rental Affordability Scheme Regulations 2008 to transfer the allocation from Ethan will not be progressed any further.

Incentives for the transferred allocations for the 2017-18 NRAS year will be issued to Questus before the end of 2018. Questus will then pass these incentives on to investors in the coming weeks.

Questus will be contacting you shortly to explain ongoing arrangements. If you wish to contact Questus in the meantime, you may send an email to Questus at [email protected] or write to Questus at NRAS Helpdesk, Questus Funds Management, 1/5 Bramall Street, East Perth, Western Australia 6004.

A Frequently Asked Questions document for investors is attached.

This email is for your information only. You are not required to take any action at this stage.

NRAS Taskforce

Department of Social Services
E: [email protected]

 

I have received my state part of the 2017/18 incentive after transferring to Questus. Quicker that I expected.

 

Questus are one of the best NRAS operators... you should be OK with them.

 

Looks like I've just received my outstanding 2016/2017 state incentive relating to a former Ethan incentive. Full amount has been received minus the compliance fee. The incentive had been transferred over to Questus in December, but I had only returned the signed replacement agreement last week. Don't know if that had any bearings, or just coincidental.

So I've received/recovered all funds that I've been entitled to.

 

Same here

 

Good outcome . It’s great to see this has been resolved for you

 

Great news

 

I think 2017/18 instead. Not the Ethan's one.

Questus Funds Management Limited recently deposited into your nominated bank account an amount equivalent to the state component of the 17/18 NRAS incentive less fees payable, as stipulated in your NRAS Agreement. Please note the Payee reference for the payment is ERRT Pty Ltd.

 

Got my state incentive for 17-18 in early Feb. So this has to be the 16-17 state incentive. Strangely no confirmation email from Questus, just the money in my account...