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

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Subdivision 380-A - National Rental Affordability Scheme Tax Offset

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NRAS certificates issued to partnerships and trustees

SECTION 380-20 Trustee of a trust that does not have net income for an income year

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380-20(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) the entity is a trustee of a trust; and

(c) the trust mentioned in paragraph (b) does not have a *net income for an income year; and

(d) *NRAS rent *derived during the NRAS year from an *NRAS dwelling covered by the NRAS certificate would otherwise *flow indirectly to the entity in the income year mentioned in paragraph (c) as if:

(i) the trust did have a net income for the income year; and

(ii) for the purposes of paragraph 380-25(4)(b) , the entity has a share amount, being the net income referred to in subparagraph (i) of this paragraph; and

(iii) the entity ' s *share of the NRAS rent under section 380-30 was a positive amount; and

(e) the offset year of the partnership or trustee begins in the NRAS year.

380-20(2)
The amount of the *tax offset is the amount worked out in accordance with subsection 380-15(2) , as if the reference in the formula to the *NRAS certificate were a reference to the NRAS certificate mentioned in paragraph (1)(a) of this section.

380-20(3)
For the purposes of working out the entity ' s *share of *NRAS rent for an *NRAS dwelling, assume subparagraphs (1)(d)(i), (ii) and (iii) of this section apply.

380-20(4)
If the trustee of a trust is entitled to a *tax offset under this section:

(a) a beneficiary of the trust; or

(b) a subsequent entity to whom *NRAS rent for an *NRAS dwelling mentioned in paragraph (1)(d) *flows indirectly;

is not entitled to a tax offset under this Subdivision in relation to the NRAS rent *derived during the *NRAS year from for the NRAS dwelling.

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History

S 380-20 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 380-20 formerly read:

SECTION 380-20 Claims by a trustee of a trust that does not have net income for an income year
380-20(1)
An entity is entitled to a *tax offset for an income year if:

(a) the entity is a trustee of a trust; and

(b) the trust does not have a *net income for the income year; and

(c) *NRAS rent for a rental dwelling would otherwise *flow indirectly to the entity in the income year as if:

(i) the trust did have a net income for the income year; and

(ii) for the purposes of paragraph 380-25(4)(b) , the entity has a share amount, being the net income referred to in subparagraph (i) of this paragraph; and

(iii) the entity ' s *share of the NRAS rent under section 380-30 was a positive amount; and

(d) the *Housing Secretary has issued a certificate under the National Rental Affordability Scheme Act 2008 to a partnership or a trustee of a trust in relation to the rental dwelling; and

(e) the income year of the partnership or the trustee of the trust begins in the *NRAS year to which the certificate relates.

380-20(2)
The amount of the *tax offset is the amount worked out in accordance with subsection 380-15(2) , as if the reference in the formula to paragraph (1)(c) were a reference to paragraph (1)(e) of this section. For the purposes of working out the entity ' s *share of *NRAS rent for the rental dwelling, assume subparagraphs (1)(c)(i), (ii) and (iii) of this section apply.

380-20(3)
However, if the *Housing Secretary issues an amended certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling, the amount of the entity ' s *tax offset is worked out in accordance with subsection 380-15(2) using the amount stated in the amended certificate.

380-20(4)
If the trustee of a trust is entitled to a *tax offset under this section:

(a) a beneficiary of the trust; or

(b) a subsequent entity to whom *NRAS rent for the rental dwelling *flows indirectly;
is not entitled to a tax offset under this Subdivision in relation to the NRAS rent for the rental dwelling.

S 380-20 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.

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