Income Tax Assessment Act 1997

Div 380 inserted by No 130 of 2008, s 3 and Sch 1 item 7, applicable to assessments for the 2008-09 income year and later income years.

Former Div 380 repealed by No 77 of 2001 and inserted by No 54 of 1999.

Subdiv 380-A inserted by No 130 of 2008, s 3 and Sch 1 item 7, applicable to assessments for the 2008-09 income year and later income years.

S 380-10 substituted by No 62 of 2011, s 3 and Sch 3 item 1, applicable to NRAS rent derived during the 2009-10 NRAS year or later NRAS years. S 380-10 formerly read:

SECTION 380-10 Claims by a party to a non-entity joint venture  
380-10(1)
An entity is entitled to a *tax offset for an income year if:

(a) the entity has *NRAS rent for a rental dwelling covered by subsection (3) for the income year; and

(b) the entity is:

(i) a party to a *non-entity joint venture; and

(ii) an individual, a *corporate tax entity or *superannuation fund.

380-10(2)
The amount of the entity ' s *tax offset for an income year is the sum of all amounts worked out under subsection (4) for the income year.

380-10(3)
*NRAS rent for a rental dwelling is covered by this subsection if:

(a) NRAS rent is derived by a party to a *non-entity joint venture in relation to the rental dwelling for an income year; and

(b) the *Housing Secretary has issued the non-entity joint venture with a certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling; and

(c) the income year begins in the *NRAS year to which the certificate relates.

380-10(4)
If an entity has *NRAS rent for a rental dwelling covered by subsection (3), work out an amount for the income year under this subsection using the following formula:

Amount stated in certificate for the rental dwelling

×

*NRAS rent *derived by the entity from the rental dwelling for the             income year             Total *NRAS rent *derived from the rental dwelling for the income year

380-10(5)
If a partnership or a trustee of a trust has *NRAS rent covered by subsection (3), for the purpose of applying sections 380-15 and 380-20 , assume:

(a) a certificate was issued by the *Housing Secretary to the partnership or the trustee of the trust for the *NRAS year mentioned in paragraph (3)(c) of this section; and

(b) the rental dwellings covered by the certificate are those for which the partnership or the trustee has NRAS rent covered by subsection (3) of this section; and

(c) the amount stated in the certificate was the total of all amounts worked out under subsection (4) of this section in relation to those rental dwellings.

380-10(6)
However, if the *Housing Secretary issues an amended certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling, the amounts under subsection (4) are to be worked out using the amount or amounts, as the case may be, stated in the amended certificate.

S 380-10 inserted by No 130 of 2008, s 3 and Sch 1 item 7, applicable to assessments for the 2008-09 income year and later income years.