Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 380.10

Members of NRAS consortiums--individuals, corporate tax entities and superannuation funds

Entitlement

             (1)  A * member of an * NRAS consortium is entitled to a * tax offset for an income year if:

                     (a)  the * Housing Secretary issues an * NRAS certificate in relation to an * NRAS year to the * NRAS approved participant of the NRAS consortium; and

                     (b)  the income year commences in the NRAS year; and

                     (c)  the member is an individual, a * corporate tax entity or a * superannuation fund.

Amount

             (2)  The amount of the * tax offset is the total of the amounts worked out using the following formula for each * NRAS dwelling:

                     (a)  covered by the * NRAS certificate; and

                     (b)  from which the * member * derives * NRAS rent during the * NRAS year:

             (3)  Treat the references in subsection (2) to the * NRAS year as being references to a period that occurs during the NRAS year, if the * NRAS certificate is apportioned for the period.



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