It has been brought to our attention that there have been some delays from the Department of Social Services in issuing the 2013/14 NRAS Refundable Tax Offsets.
The latest indication we have estimates the ETA of the Refundable Tax Offsets at around September 2014.The reality of this is that both the Federal (75% – Tax Credit) as well as the State component (25%) will both be delayed. When they are ready, the Dept. of Social Services will issue the Refundable Tax Offset notice to NRAS Landlords. If you have owned an NRAS property for a portion of the year prior to April 31st 2014 then this NRAS Refundable Tax Offset notice is required to complete a Tax reconciliation for 2013/14. Then, assuming the Tax reconciliation provides for a credit this credited amount will be issued by the ATO in the traditional “Tax Cheque” format. The State Governments also have to wait for the Federal Government to issue the Refundable Tax Offset notices. Once they are issued, and after approximately 6 weeks of processing, the State Governments will notify the NRAS Management Platforms who in turn then have 10 days to process their payment of the 25% balance (of the NRAS incentive) minus their fees. There are various ways this payment is provided but most Platforms provide a choice between cheque or direct deposit to a nominated account. If you wish to keep yourself informed, the Department of Social Services website may show updated information regarding the incentive payment process and time-frames. For your convenience the link is here. Please contact our office if you have an further concerns or questions. Back