Nras RTO certificates

Discussion in 'Accounting and Tax' started by Sione, 9th Sep, 2014.

  1. Sione

    Sione Member

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    Question?
    I'm still waiting for my refundable tax offset certs from DSS to complete my tax return. Is everyone else in the same boat?
    :confused:
     
  2. VaSSagO

    VaSSagO Member

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    Yep, got emails earlier this week to say they will be 4-6 weeks
     
  3. LukeQLD

    LukeQLD Member

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  4. Redom

    Redom Mortgage Broker

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    Yep - absolute pain if you own a few of these and are waiting on the credits to do returns.

    Fingers crossed they work they're problems out.
     
  5. euro73

    euro73 Member

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    Why they felt the need to change the IT processing platform when it's been functioning fine since 2008/9, I dont know.... but it is what it is. Just means delays in being able to complete ATO returns.

    Or, complete them now and submit an adjustment in 4-6 weeks.
     
  6. Sione

    Sione Member

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    Just been advised a further delay until end of December, which means next year due to Xmas. Not happy!!!
    I'm surprised no one else is too concerned.
     
  7. Redom

    Redom Mortgage Broker

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    I got an email with Late January - at the earliest.

    State incentives 4 weeks after that.
     
  8. Jay84

    Jay84 Member

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    You are not alone mate, I'm pretty filthy with the government over this, we are holding up our end of the bargain, they have (well at least I thought they did) a duty to pay on time. Unfortunately i dont think we have leverage to hold against them to get this paid. Just have to wait I guess.
    They are really showing there contempt of us by making us wait this long
     
  9. VaSSagO

    VaSSagO Member

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    Maybe a bit cynical but I think the delay was done on purpose to help "balance" the governments books. A nice reduction in payments this year added with the increased intensity to recover tax owing helps reduce the deficit.

    Got a variation for my PAYGW this year so wont be as bigger issue next year.
     
  10. Jaggannath

    Jaggannath Member

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    I don't think you're cynical at all Vassago
     
  11. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    Are these certs once off or do you receive them each year?
     
  12. Redom

    Redom Mortgage Broker

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    Each year Shahin - i've never seen one before, but they're effectively a doc that says you've complied and you'll be getting a cheque for $X.
     
  13. euro73

    euro73 Member

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    New Govt. New Minister. New head of DSS, the department that administers NRAS. The new boss of DSS is a pedant. Some American guy that the minister brought in to tighten the NRAS side of things... it's beyond ridiculous what he is doing. Just another example of coalition ideology gone mad. He is making every NRAS consortium re-order the rental valuations for each NRAS property , so that the dates on the rental valuations align perfectly with the dates the NRAS was activated and tenancy agreements started, before issuing the RTO certificates for this year. In the past, the accepted process has been for rental vals to be ordered after the Certificate of occupancy is issued, so that the tenancy managers can start advertising for tenants before settlement. The idea was to try and have tenants ready to move in by settlement.

    However, the legislation requires that the rental vals are dated the same day as the tenancy agreement, and the NRAS activation date- so technically the tenancy managers are meant to wait until settlement/activation before being able to start advertising for tenants.

    So the new sherriff in DSS is insisting that all the rental val reports now need to be amended to have dates re-aligned. This is the reason for the delay. The NRAS consortiums are finalising things right now - it wont be too much longer before the RTO's are issued.
     
  14. Redom

    Redom Mortgage Broker

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    Hmm you may be right.

    But i don't understand the point of it from a govt POV though.

    The payments will be made THIS FY regardless - so they'll already have been budgeted for and will hit the 'actuals' figures reported for the 2014/15 FY regardless of when its paid during the year.

    The interest saving on paying them later is next to nothing when consolidated into the Governments overall fund - so i'm not sure this means anything.

    More cynically - I think its just the DSS doing (not!) their job in poor fashion.

    Cheers,
    Redom
     
  15. LukeQLD

    LukeQLD Member

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    So has anyone got any certs yet?

    Or even been told they are getting nothing due to the market valuations including GST?

    This is a poor situation for all involved.
     
  16. Northy85

    Northy85 Member

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    I'm filthy about this because like most of you guys I had plans for that money and I have moved money around and left myself a little short. I wish there was a phone number I could call and give them a spray. If it is January and February I'm missing out on hundreds of dollars in offset interest savings. Can we bill them for the lost money? ? Haha
     
  17. Redom

    Redom Mortgage Broker

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    Hey all, i received one of my letters last week. It was from a smaller consortium (next property).

    Anyone heard anything from the major players (questes?)

    Cheers,
    Redom
     
  18. euro73

    euro73 Member

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    Spoke with Questus yesterday and they are being promised urgent attention and extra bodies are being brought in to knock the rest over... I would assume Ethan, AMC, QAHC, Aspire, Providence, AHC etc will be in the same boat as each other as they have several thousand incentives.

    There is also the matter of the December 22 deadline for change requests - after which no more change requests for change of dwelling type, change of location, change of delivery date etc will be allowed. So the consortiums are all also madly scrambling around auditing all their approved projects which are due by June 30,2016 ( D Day for all remaining Round 4 NRAS activations ) and if any of them even smell slightly like they might not make that delivery deadline, they are looking to move them to projects that are guaranteed to deliver by D Day Obviously there's lotsa lotsa paperwork involved to make the change requests so the Department knows that avalanche is coming in the next few weeks. The good news is - I have my little NRAS nose right in it all and it hopefully means there will be some cracking NRAS projects I'll tell you about early next year - assuming the change requests get approved :)

    So the bottom line is - there is movement on the RTO's, and the Department is trying to get them out of the way before all the change requests start flooding in over the next 3-4 weeks...
     
  19. euro73

    euro73 Member

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    1800 020 283
     
  20. JPS25

    JPS25 Member

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