Tenancy - IRR and IRRS (NZ)

If you have tenants that are on IRR (Income Related Rent) the process for charging and receiving payment should work as follows:

• The Tenant is to be charged the Income Related Rent (IRR) as advised by MSD.
• You will receive the Tenant’s IRR payment weekly, either as a redirect of part of their WINZ benefit directly into your bank account, or as a payment directly from the Tenant. 
• You will claim the IRRS (IRR Subsidy) from MSD each fortnight using their BOS (Business Online System).  This will not be allocated to the tenant’s ledger, as it is not considered to be the Tenant’s obligation to pay this.

You may choose to enter the IRRS amount into the Property ledger as income. 

This solution covers:

• Charging Rent
• Receiving IRR payments
• Claiming IRRS payments

Charging Rent

When entering the Tenant’s weekly Rent into Chintaro, the amount entered into the Weekly Rent column should be the IRR amount as advised by MSD. If for any reason the tenant is no longer eligible for IRR, then you will be advised of this by MSD, and you should change the tenant’s Weekly Rent to the new amount (usually the Market Rent amount).

If you are advised by MSD that a Tenant’s IRR will change, you should edit their Weekly Rent to be the new advised amount.

When doing this, remember that you need to add an end date to the existing rent record, and then add a new rent record with a start date as advised by MSD, and no end date.

Receiving IRR payments

These payments will be made weekly via your bank. You will import the Bank’s statement and Chintaro should automatically match the payments to the tenancy by use of the WINZ number (for WINZ redirects) or by use of the Payment Book ID (for direct payments from the tenancy).

Claiming IRRS payments

Each fortnight, you will claim your IRRS payments using MSD’s Business Online System (BOS).  This will be the only place you can get the detail of your fortnightly IRRS payment.  The IRRS payment should hit your bank account within a few days of the claim.  You can print a report from the BOS that details who the payments are for. 

If you wish to track the IRRS as income against each property, you will need to enter it into Chintaro using the Finance > Property Transaction Functions> Bulk Data Entry Screen.

At the moment, there is no export file provided from MSD.  You can create your own file to import using the New Import Template function on the Property Transaction Data Entry.

See user guide for full instructions to using this function.