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Edited version of your written advice
Authorisation Number: 1051435168605
Date of advice: 8 October 2018
Ruling
Subject: National rent affordability scheme (NRAS) refundable tax offsets
Question
Are you entitled to claim National Rental Affordability Scheme (NRAS) tax offsets in the relevant income years in relation to NRAS dwelling located at a specified location?
Answer
Yes.
Subdivision 380-A of the Income Tax Assessment Act 1997 (ITAA 1997) entitles an entity that receives NRAS rent in an income year to claim the refundable tax offset. You can claim the relevant NRAS tax offsets for the relevant income years.
This ruling applies for the following periods:
Year ended 30 June 20XX.
Year ended 30 June 20XX.
The scheme commences on:
December 20XX.
Relevant facts and circumstances
In December 20XX you invested in a NRAS approved property and subsequently entered into an agreement with Company A, which is recognised as the Approved Participant of the dwelling by the Department of Social Services to allocate NRAS incentives to you, the investor.
You received your fractional tax offset entitlement from Company A for a previous income year.
You have not received your refundable tax offset entitlements from Company A for the relevant financial years despite following the dispute process with Department of Social Security.
The refundable tax offsets have a value of approximately $XXXXX in total for the relevant income years.
The refundable tax offsets have not previously been claimed by you nor have you received the Refundable Tax Offset Certificate.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 380-A
Income Tax Assessment Act 1997 Section 380-15