Document ID: chunk:federal_register_of_legislation:C2008A00130:clause:1_7:p1
Version: federal_register_of_legislation:C2008A00130
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 1/6)
Character Range: 3124–5898

7  After Division 376 of Part 3‑45
Insert:

Division 380—National Rental Affordability Scheme

Table of Subdivisions

 Guide to Division 380
380‑A National Rental Affordability Scheme Tax Offset
380‑B Payments made in relation to the National Rental Affordability Scheme etc.

Guide to Division 380

380‑1  What this Division is about

      This Division provides a tax offset to certain entities as a result of certificates issued under the National Rental Affordability Scheme Act 2008.
      It also ensures that payments made, and non‑cash benefits provided, by a State or Territory governmental body in relation to the National Rental Affordability Scheme are not assessable income and not exempt income.

Subdivision 380‑A—National Rental Affordability Scheme Tax Offset

Table of sections

380‑5 Claims by individuals, corporate tax entities and superannuation funds
380‑10 Claims by a party to a non‑entity joint venture
380‑15 Claims by certain entities to whom NRAS rent flows indirectly
380‑20 Claims by a trustee of a trust that does not have net income for an income year
380‑25 When NRAS rent flows indirectly to or through an entity
380‑30 Share of NRAS rent

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 entity is an individual, a *corporate tax entity or *superannuation fund; and
 (b) the *Housing Secretary has issued the entity with a certificate under the National Rental Affordability Scheme Act 2008; and
 (c) the income year begins in the *NRAS year to which the certificate relates.

Amount

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

 (3) However, if the *Housing Secretary issues the entity with an amended certificate under the National Rental Affordability Scheme Act 2008, the amount of the entity's *tax offset is the amount stated in the amended certificate.

380‑10  Claims by a party to a non‑entity joint venture

 (1) An entity is entitled to a *tax offset for an income year if:
 (a) the entity has *NRAS rent for a rental dwelling covered by subsection (3) for the income year; and
 (b) the entity is:
 (i) a party to a *non‑entity joint venture; and
 (ii) an individual, a *corporate tax entity or *superannuation fund.

 (2) The amount of the entity's *tax offset for an income year is the sum of all amounts worked out under subsection (4) for the income year.

 (3) *NRAS rent for a rental dwelling is covered by this subsection 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