Nras RTO certificates

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

  1. stace

    stace Member

    Joined:
    4th Jun, 2015
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    Location:
    brisbane
    I am still waiting on my certificate and it is well beyonda joke. it's there ahh one else still waiting? I an wondering if I will receive it and am wondering if I can take legal action as they are not honoring their part of fthe contract :(
     
  2. LukeQLD

    LukeQLD Member

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    24th Aug, 2013
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    Location:
    QLD
    You're not alone - same situation :mad:
     
  3. stace

    stace Member

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    4th Jun, 2015
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    Location:
    brisbane
    Hey Luke, Are you in Brisane. Seems a lot of people in nsw have got theirs back. I was told I should have it before the end of this financial year but I am starting to wonder. How long can it be withheld legally ...
     
  4. LukeQLD

    LukeQLD Member

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    24th Aug, 2013
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    Location:
    QLD
    Yeah and the property is too
     
  5. trinity168

    trinity168 Member

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    14th Feb, 2011
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    Location:
    NSW
    Anyone with Questus? We are still waiting on this one...
     
  6. Smmeehan

    Smmeehan Member

    Joined:
    27th Mar, 2015
    Messages:
    15
    Location:
    Canberra
    Rto

    We are also still waiting - our property is at the Gold Coast also - it has been 10.5 weeks since we got the email saying we were approved for payment and we are still wAiting!!!:mad:
     
  7. stace

    stace Member

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    4th Jun, 2015
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    6
    Location:
    brisbane
    I'm am getting extremely frustrated. It is very stressful and I'm sure I'm not the only one that has been depending on this money for the last 9 months and finances are becoming extremely tight. Why is it that we uphold our end of the contract but the government seems to be able to do what they want. It is almost the end of another financial year and what will this mean for the next round of payments.
     
  8. Smmeehan

    Smmeehan Member

    Joined:
    27th Mar, 2015
    Messages:
    15
    Location:
    Canberra
    Rto

    I finally recieved my rto from horizon - yesterday - so hopefully you will get yours soon also! I know the frustration you are feeling and the pressure it has been financially - hopefully this f/y will be quicker but I am expecting it to be late in the year around November before we get our rto's - expectation management
    Regards Sharon
     
  9. stace

    stace Member

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    Location:
    brisbane
    I'm glad you've finally received yours, Sharon. Must be a huge feeling of relief. At least that gives hope to us who are still waiting. The government are completelly out of touch with the average joe just trying to get a little bit ahead. And so I will continue to wait, but my patience has run out :(
     
  10. Smmeehan

    Smmeehan Member

    Joined:
    27th Mar, 2015
    Messages:
    15
    Location:
    Canberra
    Rto

    Hi stace, I hear you - fingers crossed you all get yours through soon too!
    Who are you with?
     
  11. dolby

    dolby Member

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    26th Nov, 2012
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    Location:
    Sydney
    a bit off topic but im considering purchasing an NRAS property - to all the investors that have purchased NRAS do you recommend it?
     
  12. Smmeehan

    Smmeehan Member

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    27th Mar, 2015
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    15
    Location:
    Canberra
    Nras as an investment

    Hi Dolby
    NRAS is a great strategy giving you tax credits and state govt $ for 10 years - this year approx $11,000 - and increasing each year. It is more a long term investment to get the most gains - you have a new property (or close to it) great depreciation, tax claims as you rent the property between 70-80% under rental valuation - we have three of them now. It has just been hard with the audit the govt has undertaken as a lot of investors are waiting for the rto's - fingers crossed next year is sorted out with no delays. I recommend them but make sure you do your homework as NRAS properties are sometimes marketed at a premium price
    Regards Sharon
     
  13. stace

    stace Member

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    4th Jun, 2015
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    Location:
    brisbane
    I'm with AMC. They don't seem to be very forthcoming with information and keeping people in the loop with what's going on. Most disappointing! :mad:
     
  14. Smmeehan

    Smmeehan Member

    Joined:
    27th Mar, 2015
    Messages:
    15
    Location:
    Canberra
    I am hoping you all get your rtos soon. Horizon didn't give much feedback also - I am sure if we owed the government they wouldn't take so long!
     
  15. LukeQLD

    LukeQLD Member

    Joined:
    24th Aug, 2013
    Messages:
    19
    Location:
    QLD
    So I bought my NRAS property half way through the 2013-2014 nras year, during the first half of the year the previous owner/managers were non-compliant with the amount of rent charged (a period of 4 weeks).

    Since I have owned the property we've been compliant but according to the DSS I am not eligible to receive any of the incentive.

    Meanwhile I've charged 20% under market rent, and paid approximately $1000 for NRAS management fees.

    FML
     
  16. stace

    stace Member

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    4th Jun, 2015
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    Location:
    brisbane
    hey Luke, surely they can't penalise you for mistakes made by previous owners/managers. You've done everything by the book. Do you think it might be worth seeking legal advice?