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 380-15   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

(ii) during the NRAS year;
*flows indirectly to the entity in any income year; and


(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(iv) (Repealed by No 70 of 2015)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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