Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p28
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 28/34)
Character Range: 5407690–5410378

(b) the first member, in accordance with the contractual *arrangements that established the NRAS consortium, passes the NRAS rent on to the other member.
Note: There may be more than one NRAS approved participant during an NRAS year. The electing member may be the NRAS approved participant for only part of the NRAS year.
 (6) For the purposes of paragraph (5)(b), treat any *NRAS rent retained by the first *member under the *arrangements as management fees or commission as having been passed on to the other member.

380‑13  Elections by NRAS approved participants—special rule for partnerships and trustees
  For the purposes of sections 380‑14 to 380‑30 (which apply if a partnership or the trustee of a trust derives NRAS rent), for each *NRAS dwelling:
 (a) from which the electing member *derived *NRAS rent during the *NRAS year; and
 (b) that is covered by the *NRAS certificate; and
 (c) from which a partnership, or the trustee of a trust, that is a *member of the *NRAS consortium derived rent during the NRAS year;
treat the following proportion of the NRAS rent as being NRAS rent derived during the NRAS year by the member mentioned in paragraph (c):
where:
member's rent has the same meaning as in subsection 380‑12(2).
total rent has the same meaning as in subsection 380‑12(2).

380‑14  Members of NRAS consortiums—partnerships and trustees
 (1) This section applies if:
 (a) the *Housing Secretary issues an *NRAS certificate in relation to an *NRAS year to the *NRAS approved participant of an *NRAS consortium; and
 (b) the NRAS certificate covers one or more *NRAS dwellings; and
 (c) a *member of the NRAS consortium, other than the NRAS approved participant, *derives *NRAS rent during the NRAS year from any of those NRAS dwellings; and
 (d) the member is a partnership or a trustee of a trust.
 (2) For the purposes of sections 380‑15 to 380‑20, assume that:
 (a) the *member has been issued with an *NRAS certificate in relation to the *NRAS year; and
 (b) the NRAS certificate covers each *NRAS dwelling:
 (i) covered by the NRAS certificate mentioned in paragraph (1)(b) of this section; and
 (ii) from which the member *derives *NRAS rent during the NRAS year; and
 (c) the amount stated in the NRAS certificate for each of those NRAS dwellings is the amount worked out using the formula in subsection 380‑10(2) in relation to the NRAS dwelling for the NRAS year for the member.

NRAS certificates issued to partnerships and 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