Trustee of a trust
A trustee of a trust (rather than the trust's beneficiaries) is entitled to a refundable tax offset if the Housing Secretary has issued the trustee a certificate under the NRAS and the trust has no net income. Similarly, a trustee of a trust is entitled to a refundable tax offset if both of the following apply:
- the NRAS refundable tax offset flows to this trust from another entity because
- the trust is a member of an NRAS consortium
- the trust is a partner of a partnership, or
- the trust is a beneficiary of another trust that has net income
- the trust to which the offset flows has no net income.
Trustees assessable on net income of the trust are also entitled to a share of the offset.
The trustee of a trust that is indirectly entitled to NRAS rent can generally only claim the offset in years the trust has net income.
If the trustee of a trust is entitled to a refundable tax offset, neither a beneficiary of this trust nor a subsequent entity to which the NRAS rent flows indirectly is entitled to the refundable tax offset.