NRAS Audit Process

The Government relies on Lead Agencies to ensure the NRAS is run in accordance with enacted legislation. Ethan acts as a Lead Agency who provides Audit and Compliance services for the annual audit of NRAS properties. Every property that has received an NRAS endorsement must be audited each year before the Government can pay the incentive.

 

It is imperative that every property is managed in accordance with the guidelines that are set under this Scheme. Hence we have policies, procedures and the technology in place to ensure your property is continually eligible and managed in accordance with Government legislation. The cost of this audit process is 7.5% of the incentive per annum, which will be the only fee payable to us under the Ethan NRAS model.

 

We can provide audit and compliance work for the following type of properties:

 

• Properties that were developed within the Ethan NRAS model.
• Properties that have commenced with a different NRAS provider but now require a new or reliable provider who can ensure that the incentive can be passed on to the investor.

 

In some circumstances, a NRAS property owner may require to change NRAS providers to ensure continually receipt of the incentive. These may include:

 

• The approved participant has declared bankruptcy or is no longer in a positive financial position to undertake the audit and compliance role.
• The approved participant no longer wishes to undertake the responsibility of the role.
• The approved participant has undertaken the compliance in a negligent manner and caused the investor to lose part or all of the incentive.

 

Free advice will be provided to callers who contact us in any of the instances set out above. In some cases the NRAS audit and compliance responsibility may be transferred to Ethan.  When the incentives are transferred, the property will then be managed in accordance with our Ethan NRAS model and all of the Ethan benefits will be afforded to the investor.

 

If you are an approved participant who is looking for assistance in the ongoing management of incentives, delivering, or funding of your properties, or if an investor seeks advice, please feel free to contact us and speak to one our friendly staff.