Nras RTO certificates

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

  1. TheLake

    TheLake Member

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    Auditors

    Hi Paul,

    Will auditors charge a fee for the amendment?

    What about requesting an extension from ato? Never been in this position before. How long an extension do they give?
     
  2. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    I'm not sure what an auditor has to do with this. My comment was about lodging a tax return. Tax agents do this.

    I wouldn't charge an extra fee for my clients. An electronic lodgement for such a simple issue is not difficult.

    I think you missed the point that waiting for a certificate is delaying a tax refund. So claim all of the refund except the NRAS offset now. Then amend later for the offset amount. The ATO wont penalise a late refund. But then you will have to wait for all of it.
     
  3. Jay84

    Jay84 Member

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    Had some activity from Ethan today

    DSS are going to begin processing payments, so we should get the certificates in 4-6 weeks.*

    Add to that the time the accountant needs to do his thing, and the turnaround time from the ATO, means we should get the cash in mid April.*

    So about 8 months late.*:mad:

    There are still 27 owners who still have compliance issues. They won't be paid until later than us, they would be feeling pretty uncomfortable right now I imagine.*

    From our perspective - we settled the land in September 2011, since then we have received a grand total of $2000 in NRAS payments in 3.5 years.*
    Euro was correct in a another post somewhere where they said it takes a few years to get up and running and for the cash flow positive aspects to kick in.*
    Hopefully now we are past the worst of it and it will be good from here.
     
  4. euro73

    euro73 Member

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    Howdy - can you elaborate on why you have only received 2K in 3.5 years? I suspect from your post it's because you settled on land in late 2011, and construction didn't complete until somewhere @ March 2013? If I'm in the ballpark, that would mean you received a pro rata'd portion of NRAS for @ 2 -3 months of the 2012/13 NRAS year ( which runs from May 1 2012 -April 30,2013 ) and are still waiting on your full 2013/14 incentive of $10,350. ?

    So just to be fair- if Im about right, you're only missing 1 years incentive ( last years) , not 3.5 years. You weren't entitled to more than a pro rata amount in 12/13 - which you received in full - and your 14/15 isn't due yet

    I'm hearing the same as you - RTO's are being issued quite soon. Amazing what this new Govt ( see Kevin Andrews - he's the man that created this issue ) has managed to do. Completely cocked up the 2013/14 NRAS payments by forcing every consortium to go back and re-do all the rental valuations so that the dates matched up precisely with the NRAS activation date on the brand new, whiz bang NRAS portal. It's been accepted practice since 08/09 that a 91 day ( 13 week) "buffer" was allowed. The concept being, rather than waiting to get rental vals done ( which consortiums require so they can set market rent, then NRAS rent - which tenancy managers need before they can start advertising for tenants) on the same day as activation, consortiums were always allowed to get the valuations done up to 13 weeks in advance, to provide lead time for tenancy managers, so that you and I didnt have empty properties for several weeks after settlement. Common sense, yeah? .Not to Mr Andrews, who decided to insist the absolute letter of the law be followed - but only for 2013/14. In November 2014 he also input a "fix" (to a previously unbroken system ) which now formally allows the previous practice to be used once again.

    In other words, it is, from THIS CURRENT NRAS YEAR ( 2013/14) it will once again be perfectly OK for consortiums to get valuations done up to 91 days before activation and the Department will allow payment on the basis of this being compliant . And of course, for all years prior to 2012/13, where the 13 week rule was accepted and incentives paid out - even though Mr Andrews insists those payments were technically not meant to be paid, there was no review or audit. They chose to make a fuss about 2012/13 - causing massive delays, and after all that inconvenience we will simply be going back to doing things the way they have always been done forever more.
     
  5. Jay84

    Jay84 Member

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    Yes thats correct.

    I accept/understand I'm only missing 1 years payment, I'm just making the point which I believe has been made in the past that you need to be able to cover holding costs in that initial stages before payments kick in.

    Cheers for the insight into Kevin Andrews. I don't get it. It seems he is just being difficult for the sake of being difficult.
     
  6. Jay84

    Jay84 Member

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    This statement is concerning.
    There are still properties with compliance issues.
    Is there any possibility with those 27 Ethan owners and owners from other consortiums will not get paid?
    If so, what's going to happen then?
     
  7. stealthfighter

    stealthfighter Member

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    Another contact

    Cathy Nelson
    A/g Branch Manager
    NRAS and Gambling Branch | Department of Social Services
    P: 02 6146 3590
     
  8. stealthfighter

    stealthfighter Member

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    I rang complaints line on 1800 634 035, and they asked me to report them to Ombudsman... What the...
     
  9. smallbuyer

    smallbuyer Member

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    This is turning into a joke. Govt has figured out they cant make a 6 mth waiting period for the dole so they have targeted NRAS instead. How about 6 mths of penalty rate interest?

    On another note i hear red tape has gone mad under this govt, seems they only cut red tape for big multinationals.
     
  10. stealthfighter

    stealthfighter Member

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    DSS hang up!!

    I rang DSS, got transferred to their complaints line, and their answer is, "I do not know!!" repeatedly, and they hang up at me.

    Has anyone else got their RTOs?
     
  11. TheLake

    TheLake Member

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    Hi Paul,

    Yeah sorry should have mentioned it's a property through SMSF hence the audit and yes they do charge for amendment so I'll be asking ato for an extension instead.

    Hi Stealthfighter,
    I asked my NRAS facilitator if I could complain directly to the department. He said the 1800 number asks you to send an email to them. The email then comes back with a reply saying to contact NRAS facilitator. So going around in circles! Haven't actually tried ringing though to see if it's true.
     
  12. euro73

    euro73 Member

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    Quick update - Those with Aspire Housing Incentives should be receiving their RTO's this week . I understand Aspire's were all approved by the Department last week.

    I'm also told that the remaining outstanding approvals will all be issued out this week or early next week.
     
  13. euro73

    euro73 Member

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    Further update - McKenzie Bond have also had 600+ RTO's issued yesterday.
     
  14. LukeQLD

    LukeQLD Member

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    Any more updates?
     
  15. Jay84

    Jay84 Member

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    I received an email from Ethan yesterday, they say they should come in the next 2 weeks.
     
  16. Kirsti

    Kirsti Member

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    Got mine at 5pm Friday!! (consortium is AMC)

    Lodged my return via etax Friday night about 8pm (my boyfriend was desperate to go out Friday night but I was not waiting one moment longer!)

    Tried a few times to lodge, got errors from etax. After a bit I called the etax help line, not expecting anyone to answer, but a lady did and she said the error message meant the server was too busy and try again later.
    Sounds like I was not the only one doing an immediate lodgement.
     
  17. Northy85

    Northy85 Member

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    I just got a letter from my guys (Horizon Housing) to say DSS has finally approved the payments. No word yet on the date of payment but it shouldn't be too long :rolleyes: Now they can start working on processing my 2014/2015ones.
     
  18. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    Its unlikely to a "material" adjustment to the tax provision for an auditor. I would pass it by them and ask if it warrants a change to financial and seek an answer of no. Adjust in the 2015 year. So then just amend the tax return. A 3min job for any tax agent.
     
  19. euro73

    euro73 Member

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    Quantum Housing also received theirs last week. I believe there are only a small number of approved participants whose RTO's have not now been finalised.
     
  20. MohanWei

    MohanWei Member

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    Is this payment is for FY 13/14 or 14/15 please?