Former Ethan NRAS Investors Information

As you will have been advised by the Commonwealth Department of Social Services (Canberra), all Ethan Affordable Housing Ltd’s NRAS Entitlements have been transferred to Questus Funds Management Limited.
The Department of Social Services (DSS) issued the 2017/18 Refundable Tax Offset Certificates (RTOC’s) applicable to all eligible Ethan NRAS Investors on the 21st December 2018.
Questus has made extensive commitments to the DSS to act in the best interests of Investors to ensure current and future NRAS incentives are received and distributed within specific timeframes and as efficiently as possible.
Questus’s priority is to issue 2017/18 RTOC’s to Investors as quickly as possible and to receive and distribute 2017/18 State payments promptly.
Questus understands that a number of Ethan NRAS Investors may have not received part or all of their prior period Incentives. Questus will be working with Investors to seek to recover NRAS Incentives if possible. Questus will be contacting the affected Investors early in 2019.
The following is provided for your information:
- About Questus
- NRAS Agreements
- 2017/18 NRAS Incentives
- Prior Year Incentives

About Questus

Questus Funds Management Limited is a wholly owned subsidiary of Questus Limited an ASX listed company and an Approved Participant for the NRAS. Questus has been a major participant in the delivery of Affordable Housing across Australia and has delivered approximately 3000 NRAS properties since its inception. Questus, its Directors and management are highly experienced in the management of the NRAS Compliance, in its capacity as Responsible Entity of the Questus Residential Investment Fund.

Questus has been issued an Australian Financial Services Licence (AFSL 286318) from the Australian Securities Investments Commission which requires a high level of governance and compliance on its operations. This includes an independent Compliance Committee and regulated audit requirements.

We confirm that Questus is not related through ownership or management of Ethan Affordable Housing Ltd or any associated entities.

NRAS Agreements

Questus understands that Ethan had various NRAS Agreements through various Rounds of NRAS.

There are currently two general types of Agreements – A Non-Entity Joint Venture and a Head Lease.

Questus will be contacting you with replacement Agreements which you may choose to enter into. If you choose not to – your existing contractual arrangements will continue with Questus.

The features of the new Agreements are as follows:

Same compliance fee structure,
No penalties for changing property manager,
Requirement for Questus to pass on the NRAS Incentives to you within 30 days of receipt,
The Agreement can be terminated with 90 days notice.

Entering into the Replacement NRAS Agreement will give you an ongoing entitlement to receive NRAS incentives for your rental property.

2017/18 NRAS Incentives

The Department have issued the Refundable Tax Offsets Certificates for the NRAS Incentives for the 2017/18 NRAS year on 20th December 2018. Questus will audit and process the Refundable Tax Offset Certificates as soon as possible. You will require the information on the certificate to claim the Refundable Tax Offset in your income tax return.

At the time of issuing the Refundable Tax Offsets, the Department will advise the respective State and Territory Governments of the amounts to be paid for their portion of the NRAS Incentives. The State and Territory Governments have been instructed by the Department to have the payments paid into a Questus Trust Account, and after the deduction of your NRAS fees, the payments will be disseminated to individual Investors.

The period of time between the Department issuing the Refundable Tax Offsets and the State and Territory Governments payment is usually between 8 and 10 weeks.

Prior Year Incentives

Questus will be responsible to ensure that your 2017/18 NRAS payments and the future year NRAS incentives are received, and issued to you.

Questus understands that some Investors under the Non-Entity Joint Venture have not received their 2016/17 State payments. We are seeking to recover those and will communicate directly with those Investors.

We have been advised that some Investors under the Head Lease structure may not have received their NRAS Incentives for the 2016/17 or earlier NRAS years. Any communications regarding the prior year outstanding amounts should be directed to Ethan.