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  

Subdivision 380-A - National Rental Affordability Scheme Tax Offset  

NRAS certificates issued to partnerships and trustees

SECTION 380-16   Elections by NRAS approved participants that are partnerships or trustees  

Scope

380-16(1)    
This section and sections 380-17 and 380-18 apply if:

(a) an entity (the indirect entity ) is entitled to a *tax offset under section 380-15 or 380-20 for an income year because *NRAS rent *derived:

(i) from any of the *NRAS dwellings covered by an *NRAS certificate issued by the *Housing Secretary in relation to an *NRAS year to a *member (the electing member ) of an *NRAS consortium; and

(ii) during the NRAS year;

*flows indirectly to the indirect entity in any income year (or would otherwise flow indirectly to the indirect entity, as mentioned in paragraph 380-20(1)(d) ); and

(b) the electing member was the *NRAS approved participant of the NRAS consortium at any time during the NRAS year; and

(c) the electing member elects to have this section apply to the NRAS certificate and NRAS dwelling for the income year.

Requirements for an election

380-16(2)    
The election must be made:

(a) in the *approved form; and

(b) within 30 days after the day the *Housing Secretary issues the *NRAS certificate.

380-16(3)    
The Commissioner may require a copy or copies of the election to be given, within the 30 day period mentioned in paragraph (2)(b):

(a) to the Commissioner; or

(b) to each *member of the *NRAS consortium who may be entitled to a *tax offset under section 380-17 as a result of the election; or

(c) both to the Commissioner and to each such member.

380-16(4)    
The election may not be revoked.