Income Tax Assessment Act 1997
A *dwelling is used to provide affordable housing on a particular day (the test day ) if:
(a) on the test day, the dwelling is *taxable Australian real property and is *residential premises that:
(i) are tenanted or available to be tenanted; and
(ii) are not *commercial residential premises; and
(b) on the test day, the tenancy or prospective tenancy of the dwelling is exclusively managed by an *eligible community housing provider; and
(c) the eligible community housing provider has given each entity that holds an *ownership interest in the dwelling a certificate under section 980-15 that covers the dwelling for the test day; and
(d) no entity is entitled to receive an incentive, under the Scheme prescribed for the purposes of Part 2 of the National Rental Affordability Scheme Act 2008 , for the dwelling for the NRAS year (within the meaning of that Scheme) that includes the test day; and
(e) in the case of a *managed investment trust holding an *ownership interest in the dwelling on the test day - none of the tenants or occupants of the dwelling on that day holds an interest in the trust that passes the *non-portfolio interest test at any time during that day.
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