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 partnerships and trustees

SECTION 380-15 Entities to whom NRAS rent flows indirectly

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380-15(1)
An entity is entitled to a *tax offset for an income year (the offset year ) if:

(a) the *Housing Secretary issues an *NRAS certificate in relation to an *NRAS year to a partnership or a trustee of a trust; and

(b) *NRAS rent *derived:

(i) from any of the *NRAS dwellings covered by the NRAS certificate; and

(ii) during the NRAS year;

*flows indirectly to the entity in any income year; and

(c) the offset year of the partnership or trustee begins in the NRAS year; and

(d) the entity is:

(i) an individual; or

(ii) a *corporate tax entity when the NRAS rent flows indirectly to it; or

(iii) the trustee of a trust that is liable to be assessed on a share of, or all or a part of, the trust ' s *net income under section 98 , 99 or 99A of the Income Tax Assessment Act 1936 for the offset year; or

(iv) (Repealed by No 70 of 2015)

(v) a *superannuation fund, an *approved deposit fund or a *pooled superannuation trust.

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Note:

The entities covered by this section are the ultimate recipients of the NRAS rent because the NRAS rent does not flow indirectly through them to other entities.

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380-15(2)
The amount of the *tax offset is the sum of the amounts worked out using the following formula for each *NRAS dwelling from which there is *NRAS rent covered by paragraph (1)(b):

Amount stated in the *NRAS certificate

The entity ' s *share of the *NRAS rent for the
*NRAS dwelling *derived during the *NRAS year
Total *NRAS rent *derived during the *NRAS
year from *NRAS dwellings covered
by the *NRAS certificate

380-15(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 380-15 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 380-15 formerly read:

SECTION 380-15 Claims by certain entities to whom NRAS rent flows indirectly
380-15(1)
An entity to whom *NRAS rent for a rental dwelling *flows indirectly in an income year is entitled to a *tax offset for that income year that is equal to the amount worked out under subsection (2), if:

(a) the entity is:

(i) an individual; or

(ii) a *corporate tax entity when the NRAS rent flows indirectly to it; or

(iii) the trustee of a trust that is liable to be assessed on a share of, or all or a part of, the trust ' s *net income under section 98 , 99 or 99A of the Income Tax Assessment Act 1936 for that income year; or

(iv) the trustee of an *FHSA; or

(v) a *superannuation fund, an *approved deposit fund or a *pooled superannuation trust; and

(b) the *Housing Secretary has issued a certificate under the National Rental Affordability Scheme Act 2008 to a partnership or a trustee of a trust in relation to the rental dwelling; and

(c) the income year of the partnership or the trustee of the trust begins in the *NRAS year to which the certificate relates.
Note:

The entities covered by this section are the ultimate recipients of the NRAS rent because the NRAS rent does not flow indirectly through them to other entities.

380-15(2)
Work out the amount using the following formula:

Amount stated in certificate × The entity ' s *share of *NRAS rent
for the rental
dwelling
Total *NRAS rent
*derived from rental
dwellings covered by the certificate for
the income year mentioned in
paragraph (1)(c)

380-15(3)
However, if the *Housing Secretary issues an amended certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling, work out the amount under subsection (2) using the amount stated in the amended certificate.

S 380-15 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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