Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p29
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 29/34)
Character Range: 5410147–5412732

trustees

380‑15  Entities to whom NRAS rent flows indirectly
 (1) An entity is entitled to a *tax offset for an income year (the offset year) if:
 (a) the *Housing Secretary issues an *NRAS certificate in relation to an *NRAS year to a partnership or a trustee of a trust; and
 (b) *NRAS rent *derived:
 (i) from any of the *NRAS dwellings covered by the NRAS certificate; and
 (ii) during the NRAS year;
  *flows indirectly to the entity in any income year; and
 (c) the offset year of the partnership or trustee begins in the NRAS year; and
 (d) the entity is:
 (i) an individual; or
 (ii) a *corporate tax entity when the NRAS rent flows indirectly to it; or
 (iii) the trustee of a trust that is liable to be assessed on a share of, or all or a part of, the trust's *net income under section 98, 99 or 99A of the Income Tax Assessment Act 1936 for the offset year; or
 (v) a *superannuation fund, an *approved deposit fund or a *pooled superannuation trust.
Note: The entities covered by this section are the ultimate recipients of the NRAS rent because the NRAS rent does not flow indirectly through them to other entities.
 (2) The amount of the *tax offset is the sum of the amounts worked out using the following formula for each *NRAS dwelling from which there is *NRAS rent covered by paragraph (1)(b):
 (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.

380‑16  Elections by NRAS approved participants that are partnerships or trustees

Scope
 (1) This section and sections 380‑17 and 380‑18 apply if:
 (a) an entity (the indirect entity) is entitled to a *tax offset under section 380‑15 or 380‑20 for an income year because *NRAS rent *derived:
 (i) from any of the *NRAS dwellings covered by an *NRAS certificate issued by the *Housing Secretary in relation to an *NRAS year to a *member (the electing member) of an *NRAS consortium; and
 (ii) during the NRAS year;
  *flows indirectly to the indirect entity in any income year (or would otherwise flow indirectly to the indirect entity, as mentioned in paragraph 380‑20(1)(d)); 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