Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS

Division 380 - National Rental Affordability Scheme

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Subdivision 380-A - National Rental Affordability Scheme Tax Offset

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NRAS certificates issued to NRAS approved participants

SECTION 380-10 Members of NRAS consortiums - individuals, corporate tax entities and superannuation funds

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Entitlement

380-10(1)
A *member of an *NRAS consortium is entitled to a *tax offset for an income year if:

(a) the *Housing Secretary issues an *NRAS certificate in relation to an *NRAS year to the *NRAS approved participant of the NRAS consortium; and

(b) the income year commences in the NRAS year; and

(c) the member is an individual, a *corporate tax entity or a *superannuation fund.

Amount

380-10(2)
The amount of the *tax offset is the total of the amounts worked out using the following formula for each *NRAS dwelling:

(a) covered by the *NRAS certificate; and

(b) from which the *member *derives *NRAS rent during the *NRAS year:

Amount stated in the *NRAS certificate for the *NRAS dwelling

*NRAS rent *derived by the *member from
the *NRAS dwelling during the *NRAS year
Total *NRAS rent *derived from the
*NRAS dwelling during the *NRAS year

380-10(3)
Treat the references in subsection (2) to the *NRAS year as being references to a period that occurs during the NRAS year, if the *NRAS certificate is apportioned for the period.

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History

S 380-10 substituted by No 62 of 2011, s 3 and Sch 3 item 1, applicable to NRAS rent derived during the 2009-10 NRAS year or later NRAS years. S 380-10 formerly read:

SECTION 380-10 Claims by a party to a non-entity joint venture
380-10(1)
An entity is entitled to a *tax offset for an income year if:

(a) the entity has *NRAS rent for a rental dwelling covered by subsection (3) for the income year; and

(b) the entity is:

(i) a party to a *non-entity joint venture; and

(ii) an individual, a *corporate tax entity or *superannuation fund.

380-10(2)
The amount of the entity ' s *tax offset for an income year is the sum of all amounts worked out under subsection (4) for the income year.

380-10(3)
*NRAS rent for a rental dwelling is covered by this subsection if:

(a) NRAS rent is derived by a party to a *non-entity joint venture in relation to the rental dwelling for an income year; and

(b) the *Housing Secretary has issued the non-entity joint venture with a certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling; and

(c) the income year begins in the *NRAS year to which the certificate relates.

380-10(4)
If an entity has *NRAS rent for a rental dwelling covered by subsection (3), work out an amount for the income year under this subsection using the following formula:

Amount stated in certificate
for the rental dwelling × *NRAS rent *derived by the entity from
the rental dwelling for the
income year
Total *NRAS rent *derived from the
rental dwelling for the income year

380-10(5)
If a partnership or a trustee of a trust has *NRAS rent covered by subsection (3), for the purpose of applying sections 380-15 and 380-20 , assume:

(a) a certificate was issued by the *Housing Secretary to the partnership or the trustee of the trust for the *NRAS year mentioned in paragraph (3)(c) of this section; and

(b) the rental dwellings covered by the certificate are those for which the partnership or the trustee has NRAS rent covered by subsection (3) of this section; and

(c) the amount stated in the certificate was the total of all amounts worked out under subsection (4) of this section in relation to those rental dwellings.

380-10(6)
However, if the *Housing Secretary issues an amended certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling, the amounts under subsection (4) are to be worked out using the amount or amounts, as the case may be, stated in the amended certificate.

S 380-10 inserted by No 130 of 2008, s 3 and Sch 1 item 7, applicable to assessments for the 2008-09 income year and later income years.

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