Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p31
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 31/34)
Character Range: 5414851–5417491

income year because of the *NRAS certificate and the *NRAS dwelling is reduced by the amount worked out using the following formula:
where:
total tax offsets has the same meaning as in subsection (2).
 (4) 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.

Amount of tax offset—rent that passes through NRAS approved participant
 (5) For the purposes of the references in the definitions in subsection (2) to rent *derived from the *NRAS dwelling during the *NRAS year, disregard *NRAS rent derived by a *member of the *NRAS consortium from the NRAS dwelling during a period in the NRAS year, to the extent that another member derives rent from the NRAS dwelling during the period because:
 (a) the first member is the *NRAS approved participant of the NRAS consortium throughout the period; and
 (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.

380‑18  Elections by NRAS approved participants that are partnerships or trustees—special rule for partnerships and trustees
  For the purposes of sections 380‑15 and 380‑20 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 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 380‑14B(2).
total rent has the same meaning as in subsection 380‑14B(2).

380‑20  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 (the offset year) if:
 (a) the *Housing Secretary issues an *NRAS certificate in relation to an *NRAS year to a partnership or a trustee of a trust; and
 (b) the entity is a trustee of a trust; and
 (c) the trust mentioned in paragraph (b) does not