Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 380.20

  (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 have a * net income for an income year; and

  (d)   * NRAS rent * derived during the NRAS year from an * NRAS dwelling covered by the NRAS certificate would otherwise * flow indirectly to the entity in the income year mentioned in paragraph   (c) 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

  (e)   the offset year of the partnership or trustee begins in the NRAS year.

  (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 the * NRAS certificate were a reference to the NRAS certificate mentioned in paragraph   (1)(a) of this section.

  (3)   For the purposes of working out the entity's * share of * NRAS rent for an * NRAS dwelling, assume subparagraphs   (1)(d)(i), (ii) and (iii) of this section apply.

  (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 an * NRAS dwelling mentioned in paragraph   (1)(d) * flows indirectly;

is not entitled to a tax offset under this Subdivision in relation to the NRAS rent * derived during the * NRAS year from for the NRAS dwelling.