(1) This section and sections 380 - 17 and 380 - 18 apply if:
(a) an entity (the indirect entity ) is entitled to a * tax offset under section 380 - 15 or 380 - 20 for an income year because * NRAS rent * derived:
(i) from any of the * NRAS dwellings covered by an * NRAS certificate issued by the * Housing Secretary in relation to an * NRAS year to a * member (the electing member ) of an * NRAS consortium; and
(ii) during the NRAS year;
* flows indirectly to the indirect entity in any income year (or would otherwise flow indirectly to the indirect entity, as mentioned in paragraph 380 - 20(1)(d)); 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.
(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):
(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.