Document ID: chunk:federal_register_of_legislation:C2008A00130:clause:1_7:p2
Version: federal_register_of_legislation:C2008A00130
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 2/6)
Character Range: 5671–8242

if:
 (a) NRAS rent is derived by a party to a *non‑entity joint venture in relation to the rental dwelling for an income year; and
 (b) the *Housing Secretary has issued the non‑entity joint venture with a certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling; and
 (c) the income year begins in the *NRAS year to which the certificate relates.

 (4) If an entity has *NRAS rent for a rental dwelling covered by subsection (3), work out an amount for the income year under this subsection using the following formula:

 (5) If a partnership or a trustee of a trust has *NRAS rent covered by subsection (3), for the purpose of applying sections 380‑15 and 380‑20, assume:
 (a) a certificate was issued by the *Housing Secretary to the partnership or the trustee of the trust for the *NRAS year mentioned in paragraph (3)(c) of this section; and
 (b) the rental dwellings covered by the certificate are those for which the partnership or the trustee has NRAS rent covered by subsection (3) of this section; and
 (c) the amount stated in the certificate was the total of all amounts worked out under subsection (4) of this section in relation to those rental dwellings.

 (6) However, if the *Housing Secretary issues an amended certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling, the amounts under subsection (4) are to be worked out using the amount or amounts, as the case may be, stated in the amended certificate.

380‑15  Claims by certain entities to whom NRAS rent flows indirectly

 (1) An entity to whom *NRAS rent for a rental dwelling *flows indirectly in an income year is entitled to a *tax offset for that income year that is equal to the amount worked out under subsection (2), if:
 (a) 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 that income year; or
 (iv) the trustee of an *FHSA; or
 (v) a *superannuation fund, an *approved deposit fund or a *pooled superannuation trust; and
 (b) the *Housing Secretary has issued a certificate under the National Rental Affordability Scheme Act 2008 to a partnership or a trustee of a trust in relation to the rental dwelling; and
 (c) the income year of the partnership or the trustee of the trust begins in the *NRAS year to which the certificate relates.