Investor Update – 8th September 2016

2016 NRAS Incentive Compliance Update

Processing of the 2015/16 NRAS incentive claims for active properties in the scheme is still continuing. The Department of Social Services (DSS) is working as quickly as they can to finalise the process.

Once DSS has assessed all of our incentive claims, they will provide us with a group Federal payment which enables us to process and pay individual investors their respective incentive payments. The State portion of the incentive follows approximately 30 business days later.

2015 NRAS Incentive Compliance Update

We have seen significant progress in the processing of the 2014/15 NRAS incentive claims since the last investor update, with another large batch recently approved. We recognise that there are still a number of investors who are awaiting the finalisation of this process and/or payment of their incentive and appreciate your continued patience with this matter.

Ethan Affordable Housing will contact you if there are any issues relating to your claim.

 

Investor Update – 29th July 2016

2016 NRAS Incentive Compliance

Processing of the 2015/16 NRAS year incentive claims is well under way. As of this week, the Department of Social Services (DSS) has assessed approximately one third of incentive claims for Ethan Affordable Housing (Ethan).

Once DSS has assessed all of our claims, we will be provided with a group Federal payment which enables us to process and pay individual investors their respective incentive payments. The State portion of the incentive follows approximately 30 business days later

As this process continues and more information becomes available, we will provide you with further updates and an expected payment date. We have been assured by DSS that the delays experienced in the past will not be repeated this year.

2015 NRAS Incentive Compliance

We have seen significant progress in the processing of the 2014/15 NRAS claims since the last investor update. We recognise that there are still a number of investors who are awaiting the finalisation of this process and/or payment of their incentive and appreciate your continued patience with this matter.

Ethan will contact you if there are any issues relating to your claim.

Approximately 50% of incentives which were awaiting activation by DSS have now been activated and assessment of those claims is now underway.

We acknowledge that our communication relating to this matter needs to improve and we apologise if this has created unnecessary angst. We have now dedicated more resources to this area in order to expedite working through the backlog of calls and emails.

As soon as payments are received and processed we will distribute them according to your nomination preference.

We anticipate that all 14/15 payments will be finalised over the next few months.

 

Investor Update – 11th March 2016

2014/15 NRAS Payments

Ethan Affordable Housing wishes to apologise to investors for the delay in sending out progress updates on the status of payments for the 2014/15 NRAS year.

Our team have been inundated with phone calls and emails from investors requesting an update regarding NRAS payments and thank you for your patience and understanding in responding to these requests.

The Department of Social Services (DSS) are continuing to work their way through processing our claims. Even though we received an initial batch of payments the progress of subsequent processing has been slow.  We are continuing to chase DSS for approvals on the several hundred incentives which we are waiting to be finalised by the delegate of DSS.

Ethan have received a small number of enquiries from DSS regarding individual properties and are promptly answering those as they are received.  It appears at this stage that we will continue to receive incentives progressively from DSS and once we are able to remit each individual certificate or payment it will be done so as soon as possible.

We understand that some investors receiving refundable tax offset certificates instead of cash payments have delayed lodging their tax returns. We recommend that your accountant requests an extension of time from the Australian Taxation Office, or a tax return is lodged now and amended at a later date to avoid any late penalties. As always it is advised that you discuss this with a qualified accountant.

The contact details for the Australian Taxation Office can be found here: https://www.ato.gov.au/About-ATO/About-us/Contact-us/ 

2015/2016 NRAS Payments

The 2015/16 NRAS year concludes on the 30th April 2016.  Ethan’s Compliance Team are on track with our compliance and auditing obligations and can commence lodging NRAS claims in the DSS Portal from May 2016.

If you wish to amend you payment nomination (refundable tax offset certificate/cash), please ensure you contact our NRAS Help Desk prior to 30th May 2016 nrashelp@ethanhousing.com.au

 

Investor Update – 15th December 2015

2014/15 Incentive Claim Progress

Ethan Affordable Housing (Ethan) is pleased to advise investors that the Department of Social Services (DSS) have now approved 1391 NRAS incentive claims. At this stage, there are still a further 1233 to be assessed which will not be finalised until the new year. 

We have been advised that DSS will be issuing payments to Ethan for the 1391 incentive claims this week. As soon as we receive these payments, we will be issuing them according to your preferred payment nomination. This payment will cover the federal portion of your NRAS incentive (equal to 75% of the total value of your incentive for the 2014/15 NRAS year). Payment from The Federal Government will then trigger the relevant state government departments to process their portion of the payments. Once this has been completed they will then issue them (equal to 25% of the total value of your incentive for the 2014/15 NRAS year) to Ethan which will again be passed onto investors.

We understand that you are eager to hear if your property was one of the 1391 incentives approved in this first payment batch.  At this time, we ask that you refrain from calling our office this week but instead send an email to NRAShelp@ethanhousing.com.au. We will endeavor to answer your email enquiry as soon as we can, however our main priority will be the distribution of payments. Our staff are already on standby and will be working very hard in these two weeks leading up to Christmas to ensure that these 1391 payments are received by investors as quickly as possible.

Ethan management and staff would like to wish all of its investors a very merry Christmas and a happy New Year. Please note that Ethan’s office will be officially closing at midday on Christmas eve.  Limited phone support will be available throughout the Christmas / New Year period to answer any urgent enquiries.

 

Investor Update – 1st December 2015

2014/15 Incentive Claim Progress

We are pleased to advise investors that The Department of Social Services (DSS) have re-commenced assessing the 2014/2015 National Rental Affordability Scheme (NRAS) claims.

As of close of business 30th November 2015, 100 / 2069 claims have been processed, and a payment is only made by DSS once all claims have been assessed.

We hope that this process will speed up in the coming weeks and will keep you updated on a fortnightly basis on how the claims are progressing VIA these investor updates.
 

Investor Update – 25th November 2015

FURTHER INVESTOR UPDATE 25 NOVEMBER, 2015

Subsequent to our investor update that you would have received this morning and after a number of investors have contacted the Department of Social Services (DSS), Ethan have had a positive response from the staff at DSS.

Although they have not given us a firm timeframe, they have informed us that the claims are queued to recommence processing shortly. As such DSS have requested that investors refrain from contacting them directly as this could actually use up the resources that are required to process the incentives.

We will continue to closely monitor the progress of the claims and will keep you informed regularly.
 

Investor Update – 25th November 2015

2014/15 Incentive Claim Progress

As part of the assessment of the 2014/15 Statements of Compliance, the Department of Social Services (DSS) randomly select a number of properties from each approved participant (of which Ethan Affordable Housing (Ethan) is one) to be spot checked.

What this means is that Ethan need to supply DSS with further information to support the claims for which we have submitted into the DSS online portal as a part of the NRAS claims process. This data is based on the information provided by the tenants (through a Tenant Demographic Assessment) as well as copies of leases, rental ledgers and proof of tenant income.

On the 28/10/15, Ethan received a request from DSS to spot check 7 of the properties for which we have submitted data. When a spot check is conducted, DSS put a hold on assessing any further NRAS claims until they receive our response. Ethan responded to this request on the 2/11/15, providing all of the additional information requested.

As of today’s date, DSS have not resumed assessing claims and we don’t know why. We have written to DSS last week requesting feedback on when the assessments will resume, but we have been unable to obtain a response to this question. Ethan has been, and will continue to pursue DSS for feedback.

Our hope is that DSS will resume processing claims this week. We will inform you as soon as this occurs, however until we receive some form of communication from DSS, we are unable to advise on approximate NRAS payment dates.

If you would like to contact DSS directly, their email address is: NRAS@dss.gov.au.
 

Investor Update – 28th October 2015

2014/15 Incentive Claim Progress

We are pleased to advise investors that The Department of Social Services (DSS) have commenced assessing the 2014/2015 National Rental Affordability Scheme (NRAS) claims.

This first claim was assessed on Monday 23rd October. We have been reviewing daily how DSS are progressing, and it is evident after a week that this may be a slow process as only 14 / 2069 claims have been finalised, and a payment is only made by DSS once all claims have been assessed.

We hope that this process will speed up in the coming weeks and will keep you updated on a fortnightly basis on how the claims are progressing VIA these investor updates.

Payment nomination form

Please ensure that you have returned your signed payment nomination form to our office as soon as possible. If you require this form, please email nrashelp@ethanhousing.com.au or call 03 9830 2669. If you have already nominated in a previous NRAS year, you do not need to nominate again as this is carried over to subsequent NRAS years.

Why are the claims only being assessed now?

Ethan requested an extension of time from DSS to submit our claims. An extension was subsequently granted by DSS to the 30th September 2015.

The reason we requested this extension of time was because of various issues associated with the DSS IT Portal we are required to use to submit claims. These issues included:
The inability to access reports or correct reports from the portal, and
The inability to gain access to the portal.

Both of these issues ultimately prevented Ethan from submitting claims as promptly as we had anticipated.

To the credit of DSS, they have worked collaboratively with Ethan staff in seeking solutions to rectify these issues as soon as practicably possible. As a result of this, Ethan were able to finalise the claim submissions on 16th September 2015 (14 days before the revised deadline).

DSS were fully supportive of granting Ethan this extension of time due to the IT issues.

A new investor update will be issued to you VIA email in a fortnight or once we receive further information regarding the timelines of payments. If you require further information regarding your NRAS property, please contact our NRAS Help Desk at nrashelp@ethanhousing.com.au.
 

Investor Update – 14th October 2015

2014/15 Incentive Claim Progress

We are pleased to advise that claims have been lodged for all active dwellings in the 2014/15 NRAS Year (being 1st May 2014 to 30th April 2015).

The NRAS total Incentive payment for 2014/15 is $10,661.17 if your property was in the NRAS scheme from 1/5/14 – 30/4/15. This is paid to Ethan in two separate payments.

Federal Amount: $7995.88
State Amount: $2665.29

Your federal payment is paid to you in the form of Cash or RTOC (Refundable Tax Offset Certificate). Please ensure that you have returned your signed Payment Nomination form to our office. If you require a form, please email nrashelp@ethanhousing.com.au or call 03 9830 2669. If you have already nominated in a previous NRAS year, you do not need to nominate again as this is carried over to subsequent NRAS years.

Your State payment typically follows four weeks after Ethan receive the Federal payment. Ethan’s compliance fee is calculated at 7.5% + GST of the total NRAS incentive payable to you, plus $250 + GST if a certified valuation is required for your property. Ethan deduct these fees prior to disbursing the payment to you. A statement will also accompany your payment outlining total incentive payable, number of days your NRAS incentive has been compliant and the date your incentive was activated.

Now that all 14/15 claims have been lodged by Ethan, the next step is for DSS to commence assessing each claim, possibly ask Ethan further questions, then finalise the assessment and approve payment to Ethan.

DSS have not commenced assessing our claims. We are monitoring this on a daily basis and will continue to keep you informed on the progress of this on a fortnightly basis via NRAS Investor Updates.

Typically, once DSS commence assessing, it can take 6-8 weeks for this process to be finalised.

If you require further information regarding your NRAS claim, please contact our NRAS Help Desk at nrashelp@ethanhousing.com.au.
 

Investor Update – 19th August 2015

In this edition:
NRAS Update
Schedule Tax Depreciation Into Your Return
NRAS For Sale
Three Months’ Fee-Free?
Rental Guarantee
100% Finance

NRAS Update
Now that the 2014/15 NRAS year has concluded, Ethan Affordable Housing have been working hard to ensure that all dwellings are audited and are compliant in accordance with the NRAS guidelines.
As the Approved Participant of your NRAS property, Ethan are required to upload data into the DSS Portal and lodge claims for the NRAS payment.
Click here for the full update.

Schedule Tax Depreciation Into Your Return
Each year it seems that the Australian Taxation Office (ATO) announces its resolve to target a particular area of taxation.
This year, the ATO have indicated they will be ramping up investigations into rental property deductions for owners of residential property.
The crackdown may pertain to a variety of deductions, but one of particular relevance for income-producing property owners is tax depreciation deductions.
Click here to read more.

How to Contact Us:

Landlord Enquiries
landlords@ethanproperty.com.au
or 03 9830 2669
NRAS Enquiries
nrashelp@ethanhousing.com.au
or 03 9830 2669
General Enquiries
contactus@ethanhousing.com.au
or 03 9830 2669

NRAS For Sale
We currently have a limited number of NRAS properties available for sale. With high yields, secure tenants and excellent locations with good capital growth projections these properties won’t last long. For further details email us or call 0422 169 917.

Three Months’ Fee-Free?

For existing Ethan investors with properties outside of the NRAS program we are offering 3 months’ fee free for any Non-NRAS properties that you bring across to Ethan Property Management with an annual rate of 5.5% including GST. If you are interested in taking us up on this offer please email us or call 0422 169 917.

Rental Guarantee

For investors we now have a range of properties for sale offering attractive rental guarantees. With a number of locations to choose from and a range of property types there is sure to be something to meet your needs, whilst giving you peace of mind with guaranteed rents. Contact our team for further information by email or on 0422 169 917.

100% Finance
We’ve all heard about property prices on the rise and how difficult it can be to get into the market or grow your portfolio without years of saving and budgeting. Our team have been busy creating a product to help more people get into the market or add to their portfolios. If you or anyone in your family are looking to acquire an investment property or owner occupied property we now have 100% financing available for approved applicants. Please email us or call 0422 169 917 to find out more.