Document ID: chunk:federal_register_of_legislation:C2016C00523:clause:3_1:p3
Version: federal_register_of_legislation:C2016C00523
Segment Type: clause
Provision Reference: sch 3 cl 1 (pt 3/3)
Character Range: 64328–65771

in paragraph (b) does not have a *net income for an income year; and
 (d) *NRAS rent *derived during the NRAS year from an *NRAS dwelling covered by the NRAS certificate would otherwise *flow indirectly to the entity in the income year mentioned in paragraph (c) as if:
 (i) the trust did have a net income for the income year; and
 (ii) for the purposes of paragraph 380‑25(4)(b), the entity has a share amount, being the net income referred to in subparagraph (i) of this paragraph; and
 (iii) the entity's *share of the NRAS rent under section 380‑30 was a positive amount; and
 (e) the offset year of the partnership or trustee begins in the NRAS year.
 (2) The amount of the *tax offset is the amount worked out in accordance with subsection 380‑15(2), as if the reference in the formula to the *NRAS certificate were a reference to the NRAS certificate mentioned in paragraph (1)(a) of this section.
 (3) For the purposes of working out the entity's *share of *NRAS rent for an *NRAS dwelling, assume subparagraphs (1)(d)(i), (ii) and (iii) of this section apply.
 (4) If the trustee of a trust is entitled to a *tax offset under this section:
 (a) a beneficiary of the trust; or
 (b) a subsequent entity to whom *NRAS rent for an *NRAS dwelling mentioned in paragraph (1)(d) *flows indirectly;
is not entitled to a tax offset under this Subdivision in relation to the NRAS rent *derived during the *NRAS year from for the NRAS dwelling.