Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 380
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National Rental Affordability Scheme
Subdivision 380-A
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National Rental Affordability Scheme Tax Offset
NRAS certificates issued to partnerships and trustees
SECTION 380-15 Entities to whom NRAS rent flows indirectly 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:
(c) the offset year of the partnership or trustee begins in the NRAS year; and
(d) the entity is:
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):
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.
View history note
Hide history noteSECTION 380-15 Entities to whom NRAS rent flows indirectly 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
* flows indirectly to the entity in any income year; and
(ii) during the NRAS year;
(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(iv) (Repealed by No 70 of 2015)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.
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)
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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