Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsNote: A number of expressions used in this instrument are defined in the Act, including the following:
(a) allocation;
(b) incentive;
(c) incentive period;
(d) investor;
(e) NRAS year;
(f) rental dwelling.
In this instrument:
"Act" means the National Rental Affordability Scheme Act 2008 .
"adult" has the meaning given by paragraph 41(1)(d).
"approved form" means a form:
(a) approved by the Secretary under section 68; and
(b) given in accordance with any manner specified by the Secretary under that section.
"approved participant" , for a rental dwelling covered by an allocation, means the holder of the allocation for the dwelling.
"approved participants code of conduct" has the meaning given by subsection 27(1).
"arrangement" includes any agreement, arrangement, understanding, promise or undertaking, whether express or implied that is enforceable, or intended to be enforceable, by legal proceedings.
"ASIC" means the Australian Securities and Investments Commission.
"associated party" , for a rental dwelling covered by an allocation, means a person, other than the approved participant or a tenant, who:
(a) is a party to an arrangement that relates to the dwelling; and
(b) under the arrangement, is required to pass on to another person who is not the approved participant any payment or benefit (including rent) relating to the dwelling.
"certificate of occupancy" , for a dwelling, means a certificate (however described) that:
(a) is issued or recognised by:
(i) the State or Territory, or an authority of the State or Territory, in which the dwelling is located; or
(ii) the local governing body that governs the area in which the dwelling is located; and
(b) states that the dwelling is suitable for residential purposes; and
(c) does not state that the dwelling is suitable for any other purpose.
"child" has the meaning given by paragraph 41(1)(e).
"compliance breach" has the meaning given by subsection 24(3).
"conditions" , of an allocation, means:
(a) the general conditions of the allocation; or
(b) any special conditions of the allocation.
"conditions of the reservation" , of a provisional allocation, means:
(a) the conditions of the reservation (within the meaning of the previous regulations) of the provisional allocation; but
(b) as varied under paragraph 18(1)(b) of this instrument.
"consumer protection law" has the same meaning as in the Australian Postal Corporation Act 1989 .
"contravenes" : the approved participant for a rental dwelling covered by an allocation contravenes a condition of the allocation if:
(a) no incentive is available for a period for the dwelling because of circumstances specified in the condition of the allocation; and
(b) those circumstances are within the control of the approved participant.
"disqualified person" : a person is a disqualified person if section 32 applies for a determination under section 26 that the person has committed a disqualifying breach.
Note: Subsection 32(1) explains when section 32 applies.
"disqualifying breach" has the meaning given by section 26.
"eligibility year" has the meaning given by paragraph 41(1)(c).
"eligible tenant" has the meaning given by subsections 41(2) and (3).
"endorsed charitable institution" means an entity that is endorsed as exempt from income tax by the Commissioner of Taxation under section 50 - 105 of the Income Tax Assessment Act 1997 .
"gaining approved participant" , for the transfer of an allocation, means the person to whom an allocation is transferred.
"general conditions" , of an allocation, means the conditions set out in Division 2 of Part 2.
"incentive year" has the meaning given by subsection 36(2).
"individual breach" has the meaning given by subsection 24(1).
"initial rental period" has the meaning given by subsection 36(3).
"insolvency event" : an approved participant is the subject of an insolvency event if the approved participant:
(a) dies or ceases to exist; or
(b) becomes an insolvent under administration; or
(c) becomes a Chapter 5 body corporate (within the meaning of the Corporations Act 2001 ).
"market value rent" has the meaning given by subsection 36(1).
"National Rental Affordability Scheme Tax Offset" means the tax offset mentioned in Division 380 of the Income Tax Assessment Act 1997 .
"NRAS incentive index" , for an NRAS year, means the Rents component of the Housing Group of the Consumer Price Index (being the weighted average of the 8 capital cities) December quarter to December quarter published by the Australian Statistician as at 1 March of the immediately preceding NRAS year, rounded to the nearest single decimal point.
"NRAS market index" , for a rental dwelling for an NRAS year, means the capital city index for the State or Territory in which the dwelling is located used in the Rents component of the Housing Group of the Consumer Price Index December quarter to December quarter published by the Australian Statistician as at 1 March of the immediately preceding NRAS year, rounded to the nearest single decimal point.
"NRAS tenant income index" , for an NRAS year, means the All Groups component of the Consumer Price Index (being the weighted average of the 8 capital cities) December quarter to December quarter published by the Australian Statistician as at 1 March of the immediately preceding NRAS year, rounded to the nearest single decimal point.
"obligations to investors" means the obligations set out in Part 7.
"original approved participant" , for the transfer of an allocation, means the approved participant from whom the allocation is transferred.
"outstanding" , for a document or information required by the Secretary for the purposes of the Scheme, has the meaning given by subsection 13(3).
"pass on" , for an incentive or State or Territory contribution, has the meaning given by section 63.
"person" includes an entity (within the meaning of the Income Tax Assessment Act 1997 ).
"personal information" has the same meaning as in the Privacy Act 1988 .
"previous regulations" means the National Rental Affordability Scheme Regulations 2008 as in force immediately before 1 April 2020.
"provisional allocation" means an allocation that, immediately before 1 April 2020, was a provisional allocation (within the meaning of the previous regulations).
"redirects" , for an incentive, or an increase in an incentive, has the meaning given by section 60.
"remains uncorrected" , for a false or misleading document or information, has the meaning given by subsection 13(6).
"Scheme" :
(a) means the National Rental Affordability Scheme prescribed by the previous regulations and continued by this instrument; and
(b) includes a reference to things done by the States and Territories for the purposes of that Scheme.
"serious breach" has the meaning given by section 25.
"special condition" , of an allocation, means a condition that:
(a) is imposed on the allocation under any of the following provisions:
(i) paragraph 13(2)(b) of the previous regulations;
(ii) paragraph 19(1)(c), 20(4)(c), 21(4)(c), 22(3)(c), 23(6)(c) or 32(8)(c) of this instrument; and
(b) is still in force, subject to any variations under Division 3 of Part 2.
Note: The condition will cease to be in force if it is removed under Division 3 of Part 2.
"start day" has the meaning given by paragraph 41(1)(b).
"statement of compliance" means a statement of compliance under Part 5.
"State or Territory contribution" means a contribution (or its monetary equivalent) made by a State or Territory in relation to the Scheme.
"tax offset certificate" means a certificate issued by the Secretary for the purposes of Division 380 of the Income Tax Assessment Act 1997 .
"tenants" has the meaning given by paragraph 41(1)(a).
"transfer request" has the meaning given by subsection 29(1).
"unfair arrangement" , for a rental dwelling, means an arrangement that:
(a) relates to the dwelling; and
(b) includes a term that:
(i) results in a significant imbalance in the rights and obligations of the parties to the arrangement; and
(ii) is not reasonably necessary to protect the legitimate interests of a person other than an investor; and
(iii) if applied, or relied upon, would cause detriment (whether financial or otherwise) to an investor.
"vacant" : a rental dwelling covered by an allocation is vacant if the dwelling is not occupied for any reason, including a reason beyond the control of the approved participant.