Document ID: chunk:federal_register_of_legislation:C2016C00523:clause:3_1:p1
Version: federal_register_of_legislation:C2016C00523
Segment Type: clause
Provision Reference: sch 3 cl 1 (pt 1/3)
Character Range: 59546–62283

1  Sections 380‑5 to 380‑20
Repeal the sections, substitute:

NRAS certificates issued to individuals, corporate tax entities and superannuation funds

380‑5  Claims by individuals, corporate tax entities and superannuation funds

Entitlement
 (1) An entity is entitled to a *tax offset for an income year if:
 (a) the *Housing Secretary issues an *NRAS certificate in relation to an *NRAS year to the entity (other than in the entity's capacity (if any) as the *NRAS approved participant of an *NRAS consortium); and
 (b) the income year begins in the NRAS year; and
 (c) the entity is an individual, a *corporate tax entity or a *superannuation fund.

Amount
 (2) The amount of the entity's *tax offset is the amount stated in the *NRAS certificate.

NRAS certificates issued to NRAS approved participants

380‑10  Members of NRAS consortiums—individuals, corporate tax entities and superannuation funds

Entitlement
 (1) A *member of an *NRAS consortium is entitled to a *tax offset for an income year if:
 (a) the *Housing Secretary issues an *NRAS certificate in relation to an *NRAS year to the *NRAS approved participant of the NRAS consortium; and
 (b) the income year commences in the NRAS year; and
 (c) the member is an individual, a *corporate tax entity or a *superannuation fund.

Amount
 (2) The amount of the *tax offset is the total of the amounts worked out using the following formula for each *NRAS dwelling:
 (a) covered by the *NRAS certificate; and
 (b) from which the *member *derives *NRAS rent during the *NRAS year:
 (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.

380‑14  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 and 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