NRAS payments for last year from Ethan housing

Has anyone change the incentive payments method from cash/cheque to ATO tax off set for federal payment?
Do you think if I change to ATO tax off set, we can get incentive without any further delay from Ethan?

 

Emailed Ethan yesterday about this, somehow got someone to respond 10 min later, they say that I requested an RTO to be issued (even though I got a check in previous year). And yes, there was a letter sent in late July stating how much is the federal incentive for 16-17. I did an amendment to my tax return today to claim the federal incentive. As for the state payment, apparently Victorian government is still to transfer money to Ethan

 

13 propertise wow!! Congrats

 

Thank you for the information. I will do tax amendment for the federal incentive then.

 

I have had my NRAS property since mid 2013 and all I can say is it has been very good except for the NRAS payments each year thru Ethan. Horribly slow. I received my Fed payment mid last year and still waiting for the Vic government payment. Each contact with Ethan indicates its coming but....

 

With Ethan giving their NRAS portfolio to quantum, hopefully the speed of payments will impimpro

 

Just switch elsewhere. The Department introduced legislation allowing this , specifically because of one provider (guess who?)

All you need to do is complete the attached paperwork and switch to a provider who gets you paid ...

 

@euro73 Who would you suggest, if moving away from Ethan. Specifically, units in Melbourne CBD

 

Questus...now called AAHSL ( Australian Affordable Housing Services Limited )

Contact Patricia Dutton on 1800 940 773 or [email protected]

AMC ( Affordable Management Corporation)

Contact Rob Beaumont on 07 3555 9500 or [email protected]

Both have head offices in QLD but both also run hundreds of NRAS properties in Vic.

I have all my NRAS properties with these 2 providers and havent experienced any payment delays except for 2015 when everyones payments were delayed after the LIbs got in to Govt. Other than that I get paid quickly each year...but then again, you have to lodge your tax returns to get 75% of the money...so thats something you really need to be on top of otherwise it doesnt matter how quickly the NRAS provider gets you your RTO certificate ....

All the paperwork you need was attached to my previous post. But its your call. All I'm saying is that you have the option to switch elsewhere if you wish to This option didn't exist previously...it was only introduced in late 2017. So for those experiencing payment delays or service issues with their current NRAS provider, its an option available to you if you wish to explore it.

 

Hi all,

Has anyone received ALL of the incentives from bloody Ethan? We are still waiting for 2015/2016 and 2016/2017 payments. They have told me that because I elected cash they are waiting on the ATO as Ethan has a special Tax Ruling to allow this. I called ATO 3 times and was told there was no special ruling. I have made a compliant to DSS and to the Victorian Consumer Affairs and no one seems to be able to help me!!!!!

 

Had its issues at the start, like most things the Government implements without accounting for the unscrupulous

While not-for-profit organisations have used it develop more than 15,000 units for the genuinely needy, The Australian has revealed the program has been plagued by maladministration, the ruthless exploitation of the rules by elite universities and lax regulation that saw an illicit trade in NRAS incentives develop among unscrupulous developers.

Wealthy got half of university NRAS units, says audit

 

Sure, but the issues noted in the article were largely related to properties that were not available for retail buyers

What needs to be understood is that there are 134 NRAS approved participants ( consortiums) - many are churches, universities, private developers, community housing providers - who kept all their incentives for their own stock and their own use. You and I could not buy their NRAS approved stock.

Of the 134, there are @ a dozen or so consortiums who placed their incentives on retail stock which you and I could buy from various developers nationwide...

Of that dozen, Ethan has been the only real problem child. Everyone else , as far as I am aware, has been professional, got people their payments... no real issues to speak of.

I am told that Ethan has now been deregistered.... so anyone with Ethan should immediately download the forms I attached earlier in the thread, fill them in and switch to someone else.... if Ethan tells you it must be Quantum Housing- thats simply not correct. Its your choice. Not theirs. Go with Qunatum if you want to - but just understand its not mandatory that you do. I've provided contact details for two excellent consortiums who behave correctly. But there are also others who are also perfectly decent to deal with. Anyone wanting to discuss pro's and cons of various consortiums can feel free to PM me and I'll assist however I can.

 

All I'm saying is , from tenant type, income levels, how the rental inflation and NRAS indexation works.... he got almost everything wrong in that opinion piece/blog. He was correct about some of the overpriced stuff for sure , but that wasn't a problem peculiar to NRAS. Long before NRAS existed, marketers were selling duds to unsuspecting interstate investors with promises of massive growth - but those duds also had vanilla/crappy cash flow.... at least a bad NRAS purchase still offered stellar yields.

More importantly, there were plenty of excellent NRAS deals to be had, where 60,70,80K valuation shortfalls didnt happen, and where strong yields and strong growth have happened. I know...I sold a lot of them. Over 350 NRAS sales and 1 valuation shortfall...for 10 or 11K from memory - on a dual ijncome NRAS generating over 20K CF+ per annum.... so I can speak on the topic with some authority I wonder how many brokers have written 350 + loans and never encountered a valuation issue? Or how many agents have sold 350 properties and never encountered a valuation issue. Places such as Castle Hill, Elanora Heights, Bungarribee, Enfield, Orange, Fairy Meadow, Port Macquarie, Canterbury, Merrylands, Harris Park, Rosehill, St Georges Basin, Mortlake, Wentworthville, Merrylands, Ringwood, Brunswick, Gregory Hills, Gaythorne, Sherwood, Mt Gravatt, Alderley, Windsor, Zillmere, Macquarie Fields, Pennant Hills, Nundah, Annerley....

Not that it really matters now, as there are very few NRAS opportunities left (I have a few up my sleeve still if anyone needs a cash cow) but generally he got it badly wrong.

 

Cash Cows

 

Works for me and my clients.... every time

 

Owner of IP in Perth. Currently tenanted til end of year. I was wondering if its possible for NRAS and if so how do i go about applying or lodging an application for it?

Thanks

 

Doesn’t work like that - nras allotments have to be allocated to new builds.

Regards,

Jason

 

Thanks

So excludes all existing properties?

 

Not necessarily. Under the right circumstances, substitutions are still available - even to existing dwellings

 

Except when tenant refuses to submit reassessment paperwork