Document ID: chunk:federal_register_of_legislation:C2016C00523:clause:3_4:p1
Version: federal_register_of_legislation:C2016C00523
Segment Type: clause
Provision Reference: sch 3 cl 4 (pt 1/2)
Character Range: 66325–68907

4  After section 380‑10
Insert:

380‑11  Elections by NRAS approved participants

Scope
 (1) This section and sections 380‑12 and 380‑13 apply if:
 (a) a *member (the electing member) of an *NRAS consortium would, apart from subsection 380‑12(3), be entitled to a *tax offset under section 380‑10 for an income year because of:
 (i) an *NRAS certificate in relation to an *NRAS year; and
 (ii) an *NRAS dwelling covered by the NRAS certificate; and
 (b) the electing member was the *NRAS approved participant of the NRAS consortium at any time during the NRAS year; and
 (c) the electing member elects to have this section apply to the NRAS certificate and NRAS dwelling for the income year.

Requirements for an election
 (2) The election must be made:
 (a) in the *approved form; and
 (b) within 30 days after the day the *Housing Secretary issues the *NRAS certificate.
 (3) The Commissioner may require a copy or copies of the election to be given, within the 30 day period mentioned in paragraph (2)(b):
 (a) to the Commissioner; or
 (b) to each *member of the *NRAS consortium who may be entitled to a *tax offset under section 380‑12 as a result of the election; or
 (c) both to the Commissioner and to each such member.
 (4) The election may not be revoked.

380‑12  Elections by NRAS approved participants—tax offsets

Entitlement to tax offset
 (1) A *member of the *NRAS consortium (other than the electing member) is entitled to a *tax offset for the income year if the member is an individual, a *corporate tax entity or a *superannuation fund.

Amount of tax offset
 (2) The amount of the *tax offset is the amount worked out using the following formula:
where:
member's rent means:
 (a) if *NRAS rent was payable for the *NRAS dwelling in relation to the whole of the *NRAS year—the rent *derived by the *member from the NRAS dwelling during the NRAS year; or
 (b) if NRAS rent was payable for the NRAS dwelling in relation to only part of the NRAS year—the rent derived by the member from the NRAS dwelling during that part of the NRAS year.
total rent means:
 (a) if *NRAS rent was payable for the *NRAS dwelling in relation to the whole of the *NRAS year—the rent *derived from the NRAS dwelling during the NRAS year; or
 (b) if NRAS rent was payable for the NRAS dwelling in relation to only part of the NRAS year—the rent derived from the NRAS dwelling during that part of the NRAS year.
 (3) The *tax offset to which the electing member would otherwise be entitled under section 380‑10 for the income year because of the *NRAS certificate and the *NRAS dwelling