Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p26
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 26/34)
Character Range: 5402907–5405560

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.

380‑11  Elections by NRAS approved participants

Scope
 (1) This section and sections 380‑12 and 380‑13 apply if:
 (a) a *member (the electing member) of an *NRAS consortium would, apart from subsection 380‑12(3), be entitled to a *tax offset under section 380‑10 for an income year because of:
 (i) an *NRAS certificate in relation to an *NRAS year; and
 (ii) an *NRAS dwelling covered by the NRAS certificate; and
 (b) the electing member was the *NRAS approved participant of the NRAS consortium at any time during the NRAS year; and
 (c) the electing member elects to have this section apply to the NRAS certificate and NRAS dwelling for the income year.

Requirements for an election
 (2) The election must be made:
 (a) in the *approved form; and
 (b) within 30 days after the day the *Housing Secretary issues the *NRAS certificate.
 (3) The Commissioner may require a copy or copies of the election to be given, within the 30 day period mentioned in paragraph (2)(b):
 (a) to the Commissioner; or
 (b) to each *member of the *NRAS consortium who may be entitled to a *tax offset under section 380‑12 as a result of the election; or
 (c) both to the Commissioner and to