Amendments to NRAS tax offset entitlements
The Housing Secretary may issue an amended certificate. If this occurs, the amount of the tax offset is worked out using the amount stated in the amended certificate. This means you will need to apply to us for an amended assessment, subject to the statutory time limits applicable to requesting an amendment.
State and territory contributions
The state and territory contributions you receive (whether directly or indirectly, such as through an NRAS consortium of which you are a member) in cash or in-kind financial support (such as reduced stamp duty or land tax) for participating in the NRAS are non-assessable and non-exempt (NANE) for tax purposes. This means they are not included in your assessable income
Capital gains tax
There are no capital gains tax consequences from providing incentives or other benefits under the NRAS.
Effect of NRAS on charitable status
Existing charities could participate in the establishment phase of NRAS (2008-09 and 2009-10 income years) without affecting their charitable status, due to the transitional provisions.
In the 2010-11 and later years, the charitable status of a charity may be affected by participating in the NRAS, as normal definitions of a charitable purpose apply.