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 NRAS approved participants

SECTION 380-11   Elections by NRAS approved participants  

Scope

380-11(1)    
This section and sections 380-12 and 380-13 apply if:

(a) a *member (the electing member ) of an *NRAS consortium would, apart from subsection 380-12(3) , be entitled to a *tax offset under section 380-10 for an income year because of:

(i) an *NRAS certificate in relation to an *NRAS year; and

(ii) an *NRAS dwelling covered by the NRAS certificate; and

(b) the electing member was the *NRAS approved participant of the NRAS consortium at any time during the NRAS year; and

(c) the electing member elects to have this section apply to the NRAS certificate and NRAS dwelling for the income year.

Requirements for an election

380-11(2)    
The election must be made:

(a) in the *approved form; and

(b) within 30 days after the day the *Housing Secretary issues the *NRAS certificate.

380-11(3)    
The Commissioner may require a copy or copies of the election to be given, within the 30 day period mentioned in paragraph (2)(b):

(a) to the Commissioner; or

(b) to each *member of the *NRAS consortium who may be entitled to a *tax offset under section 380-12 as a result of the election; or

(c) both to the Commissioner and to each such member.

380-11(4)    
The election may not be revoked.