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:

Start formula Amount stated in the *NRAS certificate for the *NRAS dwelling times start fraction *NRAS rent *derived by the *member from the *NRAS dwelling during the *NRAS year over Total *NRAS rest *derived from the *NRAS dwelling during the *NRAS year end fraction end formula

  (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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