Document ID: chunk:federal_register_of_legislation:C2008A00130:clause:1_7:p4
Version: federal_register_of_legislation:C2008A00130
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 4/6)
Character Range: 10399–12999

certificate.

 (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 the rental dwelling *flows indirectly;
is not entitled to a tax offset under this Subdivision in relation to the NRAS rent for the rental dwelling.

380‑25  When NRAS rent flows indirectly to or through an entity

 (1) This section sets out the circumstances in which *NRAS rent:
 (a) flows indirectly to an entity (subsection (2), (3) or (4)); or
 (b) flows indirectly through an entity (subsection (5)).

Partners

 (2) *NRAS rent flows indirectly to a partner in a partnership in an income year if, and only if:
 (a) during that income year, the NRAS rent is *derived by the partnership, or *flows indirectly to the partnership as a beneficiary because of a previous application of subsection (3); and
 (b) the partner has an individual interest:
 (i) in the partnership's *net income for that income year that is covered by paragraph 92(1)(a) or (b) of the Income Tax Assessment Act 1936; or
 (ii) in a *partnership loss of the partnership for that income year that is covered by paragraph 92(2)(a) or (b) of that Act;
  (whether or not that individual interest becomes assessable income in the hands of the partner); and
 (c) the partner's *share of the NRAS rent under section 380‑30 is a positive amount (whether or not the partner actually receives any of that share).

Beneficiaries

 (3) *NRAS rent flows indirectly to a beneficiary of a trust in an income year if, and only if:
 (a) during that income year, the NRAS rent is *derived by the trustee of the trust, or *flows indirectly to the trustee as a partner or beneficiary because of a previous application of subsection (2) or this subsection; and
 (b) the beneficiary has this amount for that income year (the share amount):
 (i) a share of the trust's *net income for that income year that is covered by paragraph 97(1)(a) of the Income Tax Assessment Act 1936; or
 (ii) an individual interest in the trust's net income for that income year that is covered by section 98A or 100 of that Act;
  (whether or not the share amount becomes assessable income in the hands of the beneficiary); and
 (c) the beneficiary's *share of the NRAS rent under section 380‑30 is a positive amount (whether or not the beneficiary actually receives any of that share).

Trustees

 (4) *NRAS rent flows indirectly to the trustee of a trust in an income year if, and only if:
 (a) during that income year, the NRAS rent is *derived by the trustee, or *flows indirectly to