NRAS - ETHAN: class action

I received the email this evening at 18:57, advising of the fact, not too long after you posted.

Questus Funds Management Limited are pleased to advise that your 16/17 State NRAS payment has been paid.

 

I received my 2016-17 State incentive today. So everything is up to date for me.

 

I received my 2016-17 State incentive yesterday. So all payments are up to date for me. Thanks Questus

 

This is all very welcome news . I’m happy for all of you . Just make sure you use that money to pay down some debt

 

Can the members who received the 16/17 state incentives advise if any of you were having Head Lease Agreement with Ethan? I was told Questus will only help to get 16/17 state incentives for Non Head Lease Agreement investors. Thanks.

 

if you are on a head lease like me you will not get your 2016/17 State incentives from Questus. The only way we get this is if the liquidator finds the money from Ethan. Ethan have a lot of creditors so doubtful we will get the state parts...will need see what the liquidators find.

 

Thanks Garry. Have you registered as creditor?

 

Hi, I was a contingent creditor. When I checked with the liquidator today they told me they were no longer involved. Ethan now have a new liquidator Bernarndi Martin in SA so have asked them to add me as a creditor. Still doubt this will get any funds returned. The previous creditors report did not make for easy reading as the financial records were hopelessly out of date. Hard to see anyone getting much out of this mess.

 

Hi, I received the RTOC for 15/16 & 16/17 via email on the 22/2/19 and have lodged an amendment to my 16/17 tax return and have received the payment, but with 15/16 incentive, the tax office came back and said it's too late to amend the 15/16 tax return. Has anyone received anything back yet for 15/16? If so, did you go thru an accountant?

 

Dear Raelene,

I had the same problem and had just received the 15/16 funds from ATO last week.

These are the steps I took:

1. Downloaded the objection form from this link and explained to them the reason for the amendment. Attached the RTOC as supporting document.

Objection form - for taxpayers

2. Posted the form to ATO using registered mail as I would not trust Auspost to do a straight job if the mail was unregistered.

3. Contacted ATO in a week to make sure they received objection form.

From here, the officer assigned to the case would get in touch for more information.

I hope this will help you or anyone in the similar situation.

For now, I am not sure who to go to for the state portion, anyone has any advice??

 

Thanks for that I have faxed my form thru, so I will check tomorrow, to make sure they have received it and fingers crossed I get paid.
When it comes to the State portion, I have no idea. Will have to try and find out which government department pays out the incentive and contact them. I will investigate and let you know.

 

I would like to join too. I didn’t get 2015-2016 federal incentive yet.

 

How can I register as creditor?

 

Please contact Bernardi Martin in SA. you can find their details on the Web. They told me they expect to release their findings by end of June.

 

Judgement handed down on the misleading conduct aspect.

Penalty $700K for Quantum, $50K for Cheryl Howe, ACCC costs against both, three-year disqualification for Cheryl Howe, requirement to notify the 1215 affected investors of the judgement in a specified form.

Australian Competition and Consumer Commission v Quantum Housing Group Pty Ltd (No 2) [2020] FCA 802

 

So is this $750k given to the 1215 affected investors or kept by the govt?

 

Goes to the government, because it's their penalty for breaching the consumer law - not compensation.

Any compensation for individuals will be via the class action, which I understand to be ongoing.

 

Seems a bit silly any fines should go to the wronged parties, govt wasn't wronged. Not how the system works though unfortunately

 

The law was broken thus the penalty and a deterrent to others thinking of similar misconduct.

Class action is the compensation for those affected. By proving the breach of law, the class action now has a somewhat easier level of proof required to win.