Document ID: chunk:federal_register_of_legislation:C2008A00130:clause:1_7:p3
Version: federal_register_of_legislation:C2008A00130
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 3/6)
Character Range: 8030–10622

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.

Note: The entities covered by this section are the ultimate recipients of the NRAS rent because the NRAS rent does not flow indirectly through them to other entities.

 (2) Work out the amount using the following formula:

 (3) However, if the *Housing Secretary issues an amended certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling, work out the amount under subsection (2) using the amount stated in the amended certificate.

380‑20  Claims by a trustee of a trust that does not have net income for an income year

 (1) An entity is entitled to a *tax offset for an income year if:
 (a) the entity is a trustee of a trust; and
 (b) the trust does not have a *net income for the income year; and
 (c) *NRAS rent for a rental dwelling would otherwise *flow indirectly to the entity in the income year as if:
 (i) the trust did have a net income for the income year; and
 (ii) for the purposes of paragraph 380‑25(4)(b), the entity has a share amount, being the net income referred to in subparagraph (i) of this paragraph; and
 (iii) the entity's *share of the NRAS rent under section 380‑30 was a positive amount; and
 (d) 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
 (e) the income year of the partnership or the trustee of the trust begins in the *NRAS year to which the certificate relates.

 (2) The amount of the *tax offset is the amount worked out in accordance with subsection 380‑15(2), as if the reference in the formula to paragraph (1)(c) were a reference to paragraph (1)(e) of this section. For the purposes of working out the entity's *share of *NRAS rent for the rental dwelling, assume subparagraphs (1)(c)(i), (ii) and (iii) of this section apply.

 (3) However, if the *Housing Secretary issues an amended certificate under the National Rental Affordability Scheme Act 2008 in relation to the rental dwelling, the amount of the entity's *tax offset is worked out in accordance with subsection 380‑15(2) using the amount stated in the amended certificate.

 (4) If the trustee of a trust is entitled to a *tax offset under this section:
 (a) a beneficiary of the trust; or
 (b) a subsequent entity to whom *NRAS rent for the rental dwelling *flows indirectly;
is not