INCOME TAX ASSESSMENT ACT 1997 - SECT 380.16 Elections by NRAS approved participants that are partnerships or trustees

INCOME TAX ASSESSMENT ACT 1997 - SECT 380.16

Scope

  (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.

Requirements for an election

  (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):

  (a)   to the Commissioner; or

  (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.