Mark Fowler (28 April 2015)
Dear Approved Participants,
It has come to our attention that some Approved Participants may be labouring under a misconstruction of the requirements of the National Rental Affordability Scheme Regulations 2008 (Cth) (NRAS Regulations) concerning the ability to lodge further market rent valuations or an amended Statement of Compliance for the 2013 / 2014 NRAS year. The extended timeframes to lodge that information arose as a result of amendments made to the NRAS Regulations on 04 November 2014. The extended timeframes relate to the following matters:
- market rent valuation not lodged before commencement day or not related to market value rent on date within permitted valuation period (Regulation 40); and
- Statement of Compliance not lodged before commencement day or incomplete (Regulation 42).
The Regulations require that where an Approved Participant seeks to lodge further information in relation to the above, the information must be lodged ‘before 30 April 2015’, not ‘by 30 April 2015’. The effect is that the market rent valuation or amended Statement of Compliance must be lodged with the Department by Wednesday 29 April 2015 at the latest.
We trust this urgent update is of assistance to you.
If you have any queries or concerns please do not hesitate to contact us.
DISCLAIMER: This update contains general information only. The information is not all inclusive and should not be considered to be legal advice. You should always obtain legal advice for your specific circumstances before relying on general information.