Discussion in 'Accounting and Tax' started by Sione, 9th Sep, 2014.
Finally got my RTO certificate yesterday, with Qantum
Must be such a relief VaSSagO........a bit like a lottery win with NRAScals......hoping my certificate will soon be drawn out of the NRAScals hat.......
I feel somehow my question is related to this thread:
I have 1 normal IP for years in NSW, and just currently got 1 NRAS at VIC.
i have done my online tax return by myself in the last 2 years (one job, and one normal IP i can managed).
can some NRAS owners give me brief understanding of what are the processes for me preparing my tax return this year? not tax advise but just in general. still possible to do mine without tax agent?
for my new NRAS:
1. i heard the NRAS tax period is not July to June? will this affect anything?
2 . i will get a report from Ethan, i think it is what people call NRAS RTO Cert. Will i need this Cert to complete my tax return, if yes, where in the online tax section i need to enter regarding owning a NRAS? will the certificate contains unique code i can just type in?
3. and the rest is just same as preparing tax return for normal IP, correct? include the rent income, and then claiming depreciations, expenses, etc etc.
Not really, I knew it was going to come eventually. Now need to find some time to do my tax return and claim it, hopefully next week. This financial year it will make absolutely no difference as I have amended my PAYGW.
A nice relief would be getting all of my rentals (5) currently under construction rented!
DUH......we all think its "going to come eventually" until it doesn't!!!!......Unfortunately for us, NRAS is in control....(no matter what you think you knew).....that's the issue. On a positive note i'm sure you will get the relief....a simple adjustment of $$ should do the trick.
Anyone else still waiting ..?
I am sorry you still don't have your NRAS money. We received ours on March 30. Perhaps the question is who doesn't have their money yet?
Any thoughts on when the 2014/15 money will materialise?
We had the email saying we have been approved and queued for payment - that's a month ago - with horizon - very frustrating
I'm in the same boat. No payment after a months wait. I rang them up yesterday with a, "please explain" and off course the person I needed was again out of the office like 95% of the times I call them. I'm still waiting on an email or call back as it has been over 24 hours. The receptionist guy said he has herd rumors that we have been approved for payment. I got shitty with him then and told him "Yes mate, we got approved over a month ago". Bloody unbelievable.
At least you've had confirmation. I still haven't received anything except been told there is a $2 discrepancy.
Feel like I'm about to get boned.
I have sent 4 emails with no reply, I am going to call them today and probably get the same answer or blow off as you did but I figure if we keep at them it has to be finalised soon?
I wonder how we would go as a group action against the govt? Probably not well but it would be nice after all of this financial strain! Pity the shadow minister can't be involved
Oh well fingers crossed we all get payment soon
I received and email last night with the payment receipt for one of my two properties. They have bundled both the state and federal amount together and given me the full $10300 in one hit. hopefully this means that everyone from horizon will get sorted out within the next 7 days or so. Good luck with yours.
That's great news - fingers crossed we are in line also - got an email saying they had no further details but expect to hear through the week coming - maybe ???
18,000 of the 21,500 payments are now finalised.
It really sucks to be one of the 3500 who haven't received confirmation and or been told you are not compliant.
Still no news - no email or any communication! Northy85, have you recieved the money yet? It will be the next financial year and we will have to start again but next year I have 3 x nras properties to wait for not just the one - hopefully this mess will be sorted by then
Yes I received one lot of NRAS money about a week ago. It came as a $10300 payment, so they are paying the state and federal amount in one hit. I haven't had any information on my second NRAS property though. I really hope they pay us quickly next time as my wife and I are looking at another IP at the end of this year. We were looking at shares but are now going to stick with what we know. Fingers crossed this mess gets sorted next time.
Did you get the money directly off horizon or the govt? We are also going for the dust to settle and get our buffers a bit healthier then go again - by the beginning of next year also. Once it is sorted out I think we should have smoother sailing!
I got it off horizon. That is how it has been in previous years as well. Where are you looking to purchase? We are looking at <10km from brisbane Cbd northside. It's gone flat again in some good suburbs there and with any luck will stay that way for a few more months. Are you holding 3 NRAS properties now? I really like them for the cash flow and how you can pretty much get a cash deposit together every 18 months or so from them. Have you got a long term plan for the properties? I don't want to ever sell them as I think they will be positive geared after the 10 years runs out.
We have 3 NRAS titles that we can claim this coming financial year. We purchased a dual NRAS last year - tenants in approx June 14 so we should have a great return come 14/15 fy. Expecting $25,000 from NRAS rebate - plus our normal refund on our 3 other standard investment properties. Hoping to get another one early next year. I would like to accumulate approx 10 and then in approx 10 years sell down a few to pay off the others. That's the plan
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