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 partnerships and trustees

SECTION 380-20   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 (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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