Before going into liquidation in September 2019, Mckenzie Bond was responsible for the compliance management of the NRAS Incentive attached to your property.
This included the collection and submission of documents to establish your entitlement to NRAS incentive payments for 2018-2019.
As these incentives can no longer be paid to you through the now disqualified, Mckenzie Bond, the Department of Social Services (the Department) needs to make a “redirection determination”.
A redirection determination requires you to provide evidence of any agreement between Mckenzie Bond and yourself or other evidence of an entitlement to receive the Commonwealth potion of the NRAS incentive.
When a redirection determination is made by the Department, your 2018-19 incentive and the proportion of the 2019-20 incentive (up until the date you nominated to transfer from Mckenzie Bond to Haven) can then be redirected to us and then paid to you.
If you have already provided the original signed NEJV agreement with Providence Housing or Mckenzie Bond to the Department, that should be sufficient.
Also, any email correspondence that you might have had with Mckenzie Bond in relation to incentive payments and copies of the Refundable Tax Offset certificates would help establish Mckenzie Bond’s obligations to pass on the incentives to you.
If you are not able to provide an agreement, the more supporting documentation that can be provided, the more likely the Department will be able to establish an entitlement to the incentive, such as:
- an invoice from Mckenzie Bond to you for compliance fees
- correspondence with or from Mckenzie Bond discussing an obligation or payment of incentives
- email correspondence with Mckenzie Bond referring to RTOs/incentive
- emails with Mckenzie Bond referencing incentives
- email from McKenzie Bond to a DSS branch manager noting the “state incentives” would be paid to investors by EOFY 2019
- an inspection report that refers to the existence of a Non Entity Joint Venture (NEJV) between you and Mckenzie Bond.
As your new Approved Participant, we may be able to help you with identifying supporting documentation for the redirection.
We appreciate you are incredibly frustrated. Neither we nor the Department can provide you with a definitive payment date, but rest assured we are doing everything we can to resolve the issue.
Providing evidence to the Department of Mckenzie Bond’s obligations to pass on the 2018-2019 incentives to you will greatly assist this process.
Our team is working hard to complete the compliance documentation for 2019-20.
The Department has postponed the deadline for lodgement, due to COVID-19, until 30 September 2020.
Progress has been slow due to, in some cases, limited documentation, particularly between May 2019 through to April 2020. [Please note that we were only officially appointed as your Approved Participant in May 2020.]
We have been advised that the 2019-20 incentives will be released in two parts:
Part 1: from 1 May 2019 to transfer effective date – will form part of redirection determination. This will be released when 2018-19 incentives are redirected.
Part 2: from transfer effective date to 30 April 2020 – will be released to us as soon as DSS completes their review of our compliance work.