Disclaimer
This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law.

You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4.

Edited version of your private ruling

Authorisation Number: 1012532584768

Ruling

Subject: Government initiative

Question

Are you a member of an NRAS Consortium?

Answer

Yes.

This ruling applies for the following period

Year ended 30 June 2013

Year ending 30 June 2014

Year ending 30 June 2015

Year ending 30 June 2016

Year ending 30 June 2017

The scheme commences on:

1 July 2012

Relevant facts and circumstances

You are a director of a newly formed company.

You are applying for the NRAS funding for a development.

The venture involved the establishment of a separate entity.

The purpose of this arrangement is to take part in the NRAS scheme.

Reasons for decision

Under subsection 380-10(1) of the Income Tax Assessment Act 1997 (ITAA 1997), a member of an NRAS consortium is entitled to a tax offset for an income year if certain conditions are satisfied.

An NRAS consortium is a consortium, joint venture or non-entity joint venture established by a contractual arrangement that facilitates the leasing of approved rental dwellings under NRAS.

'Consortium' is not defined by the ITAA 1997, so its ordinary meaning must be considered. The Macquarie Dictionary (third edition) defines consortium as:

And further defines 'association' and 'union' as:

Association:

Union:

In this case, it is accepted you are a member of an NRAS Consortium.

Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).