Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p30
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 30/34)
Character Range: 5412502–5415091

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 380‑17 as a result of the election; or
 (c) both to the Commissioner and to each such member.
 (4) The election may not be revoked.

380‑17  Elections by NRAS approved participants that are partnerships or trustees—tax offsets

Entitlement to tax offset
 (1) A *member of the *NRAS consortium (other than the electing member) is entitled to a *tax offset for the income year if the member is an individual, a *corporate tax entity or a *superannuation fund.

Amount of tax offset
 (2) The amount of the *tax offset is the amount worked out using the following formula:
where:
member's rent means:
 (a) if *NRAS rent was payable for the *NRAS dwelling in relation to the whole of the *NRAS year—the rent *derived by the *member from the NRAS dwelling during the NRAS year; or
 (b) if NRAS rent was payable for the NRAS dwelling in relation to only part of the NRAS year—the rent derived by the member from the NRAS dwelling during that part of the NRAS year.
total rent means:
 (a) if *NRAS rent was payable for the *NRAS dwelling in relation to the whole of the *NRAS year—the rent *derived from the NRAS dwelling during the NRAS year; or
 (b) if NRAS rent was payable for the NRAS dwelling in relation to only part of the NRAS year—the rent derived from the NRAS dwelling during that part of the NRAS year.
total tax offsets means the total of the *tax offsets to which entities would be entitled under section 380‑15 or 380‑20 because of *NRAS rent *derived:
 (a) from any of the *NRAS dwellings covered by the *NRAS certificate; and
 (b) during the *NRAS year;
that *flows indirectly to them from the electing member (or would otherwise flow indirectly to them from the electing member, as mentioned in paragraph 380‑20(1)(d)).
 (3) The *tax offset to which the indirect entity would otherwise be entitled under section 380‑15 for the 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