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INCOME TAX ASSESSMENT ACT 1997 - SECT 380.14

Members of NRAS consortiums--partnerships and trustees

  (1)   This section applies if:

  (a)   the * Housing Secretary issues an * NRAS certificate in relation to an * NRAS year to the * NRAS approved participant of an * NRAS consortium; and

  (b)   the NRAS certificate covers one or more * NRAS dwellings; and

  (c)   a * member of the NRAS consortium, other than the NRAS approved participant, * derives * NRAS rent during the NRAS year from any of those NRAS dwellings; and

  (d)   the member is a partnership or a trustee of a trust.

  (2)   For the purposes of sections   380 - 15 to 380 - 20, assume that:

  (a)   the * member has been issued with an * NRAS certificate in relation to the * NRAS year; and

  (b)   the NRAS certificate covers each * NRAS dwelling:

  (i)   covered by the NRAS certificate mentioned in paragraph   (1)(b) of this section; and

  (ii)   from which the member * derives * NRAS rent during the NRAS year; and

  (c)   the amount stated in the NRAS certificate for each of those NRAS dwellings is the amount worked out using the formula in subsection   380 - 10(2) in relation to the NRAS dwelling for the NRAS year for the member.


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