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Telephone : (08) 9386 2288 Email : info@tailormadefs.au

Telephone : (08) 9386 2288 Email : info@tailormadefs.com.au. Web : www.tailormadefs.com.au. Q. How Is The NRAS Incentive Paid?. The NRAS incentive is paid as follows:

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Telephone : (08) 9386 2288 Email : info@tailormadefs.au

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  1. Telephone : (08) 9386 2288 Email : info@tailormadefs.com.au Web : www.tailormadefs.com.au

  2. Q. How Is The NRAS Incentive Paid? The NRAS incentive is paid as follows: • a Federal Government Contribution in the form of a refundable tax offset or payment, currently $6,855 – ¾ of $9140 (indexed annually); and • a State/Territory contribution currently to the value of $2,285 – ¼ of $9140 (indexed annually) • The Incentive is provided on a pro rata basis for the number of days in the NRAS year (1 May – 30 April) that the approved rental dwelling was available for rent and complied with all Scheme requirements. (Reference: NRAS Policy Guidelines - Section 4)

  3. Federal Component ($6,855): • Paid as a Refundable Tax Offset (RTO). Refundable tax offsets can reduce tax liability below zero, to produce an amount refundable. The process for claiming the tax offset is as follows: • Approved Participants (Tailormade Financial Strategies – with KPMG acting on behalf of Tailormade Financial Strategies) provide an Annual Statement of Compliance to FaHCSIA by 13 May each year, comprising information for the previous NRAS year (the year that ended on the preceding 30 April); • the Secretary of FaHCSIA will issue tax offset certificates under NRAS to compliant Approved Participants (Tailormade Financial Strategies – with KPMG acting on behalf of Tailormade Financial Strategies) will then pass on the certificate to investors specifying the value of the Australian Government component of the Incentive for each approved rental dwelling for the NRAS year (Reference: NRAS Policy Guidelines – Sections 8.2 & 8.3)

  4. Federal Component ($6,855 - Continued): The taxpayer’s share of NRAS tax offset is written on tax form as shown below: Form Located at: www.ato.gov.au /Individuals/Forms & Services /Tax Return for individuals (supplementary section) NAT 2679

  5. State Component ($2,285): • Paid as cash to Approved Participant (Tailormade Financial Strategies – with KPMG acting on behalf of Tailormade Financial Strategies ) between July and September each year • KPMG will be acting on behalf of Tailormade Financial Strategies for all compliance reporting, receipt and passing on to investors the NRAS state component and Refundable Tax Offset Certificates. • KPMG will distribute the WA State cash payment and pass on the Refundable Tax Offset Certificates to the investors. • This payment is treated as non-assessable non-exempt income for tax purposes (Tax Free). (Reference: NRAS Policy Guidelines – Section 4.3)

  6. Q. Can Investors Submit a Variation to Reduce Their PAYG Tax Payments? • Yes, a PAYG Withholding Variation Application Form can be filled out for NRAS properties to the extent of the tax deductible expenses as usual for negatively geared properties, but not to include the NRAS incentive Form located at: www.ato.gov.au /Individuals/Forms & Services/PAYG Withholding Variation Application 2011 NAT 2036

  7. Q. Can an Approved Rental Dwelling be sold before the 10 year Incentive period has lapsed? • Yes, although approved rental dwellings generally are expected to be kept in the Scheme for the full incentive period, that is, the 10 year period for which the Incentive is payable. • Where dwellings are sold within that period, they may either be eligible to be retained in NRAS (and continue to attract an Incentive) or not eligible to remain in NRAS, depending on the circumstance of the sales. Where dwellings are sold or otherwise removed from the Scheme and not eligible to remain in NRAS, Incentives will not be paid for the NRAS year in which the sale or removal occurred. (Reference: NRAS Policy Guidelines - Section 11.1)

  8. Q. Can an Approved Rental Dwelling be sold before the 10 year Incentive period has lapsed? - Continued • Dwellings under the Scheme may be sold to tenants, other individuals or organisations which are not and do not seek to be Approved Participants. In this situation it is expected that the Approved Participant may wish to offer to provide a substitute dwelling, or dwellings as the case may be, and continue to receive the National Rental Incentive in respect of those dwellings for the remaining part of the original 10 year incentive period. (Reference: NRAS Policy Guidelines - Section 11.2)

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