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INCOME TAX ASSESSMENT ACT 1997 - SECT 380.14

Members of NRAS consortiums--partnerships and trustees

             (1)  This section applies if:

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

                     (b)  the NRAS certificate covers one or more * NRAS dwellings; and

                     (c)  a * member of the NRAS consortium, other than the NRAS approved participant, * derives * NRAS rent during the NRAS year from any of those NRAS dwellings; and

                     (d)  the member is a partnership or a trustee of a trust.

             (2)  For the purposes of sections 380-15 to 380-20, assume that:

                     (a)  the * member has been issued with an * NRAS certificate in relation to the * NRAS year; and

                     (b)  the NRAS certificate covers each * NRAS dwelling:

                              (i)  covered by the NRAS certificate mentioned in paragraph (1)(b) of this section; and

                             (ii)  from which the member * derives * NRAS rent during the NRAS year; and

                     (c)  the amount stated in the NRAS certificate for each of those NRAS dwellings is the amount worked out using the formula in subsection 380-10(2) in relation to the NRAS dwelling for the NRAS year for the member.

NRAS certificates issued to partnerships and trustees



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