Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 980.5

    A * dwelling is used to provide affordable housing on a particular day (the test day ) if:

  (a)   on the test day, the dwelling is * taxable Australian real property and is * residential premises that:

  (i)   are tenanted or available to be tenanted; and

  (ii)   are not * commercial residential premises; and

  (b)   on the test day, the tenancy or prospective tenancy of the dwelling is exclusively managed by an * eligible community housing provider; and

  (c)   the eligible community housing provider has given each entity that holds an * ownership interest in the dwelling a certificate under section   980 - 15 that covers the dwelling for the test day; and

  (d)   no entity is entitled to receive an incentive, under the Scheme prescribed for the purposes of Part   2 of the National Rental Affordability Scheme Act 2008 , for the dwelling for the NRAS year (within the meaning of that Scheme) that includes the test day; and

  (e)   in the case of a * managed investment trust holding an * ownership interest in the dwelling on the test day--none of the tenants or occupants of the dwelling on that day holds an interest in the trust that passes the * non - portfolio interest test at any time during that day.