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 380-14   Members of NRAS consortiums - partnerships and trustees  

380-14(1)    
This section applies if:


(a) the *Housing Secretary issues an *NRAS certificate in relation to an *NRAS year to the *NRAS approved participant of an *NRAS consortium; and


(b) the NRAS certificate covers one or more *NRAS dwellings; and


(c) a *member of the NRAS consortium, other than the NRAS approved participant, *derives *NRAS rent during the NRAS year from any of those NRAS dwellings; and


(d) the member is a partnership or a trustee of a trust.

380-14(2)    


For the purposes of sections 380-15 to 380-20 , assume that:


(a) the *member has been issued with an *NRAS certificate in relation to the *NRAS year; and


(b) the NRAS certificate covers each *NRAS dwelling:


(i) covered by the NRAS certificate mentioned in paragraph (1)(b) of this section; and

(ii) from which the member *derives *NRAS rent during the NRAS year; and


(c) the amount stated in the NRAS certificate for each of those NRAS dwellings is the amount worked out using the formula in subsection 380-10(2) in relation to the NRAS dwelling for the NRAS year for the member.



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