Example 1: An individual participating in NRAS
Poh Lee is a business woman who has decided to participate in NRAS.
Poh Lee plans to build 20 rental dwellings of appropriate standard to meet the requirements to participate in the NRAS. Poh Lee applies under the NRAS and receives an allocation.
Once the dwellings are complete, Poh Lee, through her real estate agent, finds eligible NRAS tenants to whom she rents the dwellings at 20% below market value. Poh Lee complies with all the requirements set out by the DSS and lodges her first statement of compliance on 13 May 2010.
On 30 June 2010, Poh Lee receives an NRAS tax offset certificate from the Housing Secretary. The certificate is for the NRAS year 1 May 2009 - 30 April 2010.
As Poh Lee is participating in NRAS as an individual (she is not involved in a partnership, trust or non-entity joint venture) and she has received a tax offset certificate, she is entitled to claim under section 380-5 of the Income Tax Assessment Act 1997.
End of example