NATIONAL RENTAL AFFORDABILITY SCHEME ACT 2008 - SECT 4 Definitions

NATIONAL RENTAL AFFORDABILITY SCHEME ACT 2008 - SECT 4

    In this Act:

"acquisition of property" has the same meaning as in paragraph   51(xxxi) of the Constitution.

"allocation" , in relation to an incentive period, means an allotment to an approved participant of an entitlement to receive an incentive for a rental dwelling in relation to an NRAS year that falls within the incentive period if conditions are satisfied in relation to the rental dwelling.

"constitutional corporation" means a corporation to which paragraph   51(xx) of the Constitution applies.

"incentive" means:

  (a)   a National Rental Affordability Scheme Tax Offset; or

  (b)   an amount payable for an NRAS year.

Note:   Paragraph   ( a)--for provisions relating to claiming the National Rental Affordability Scheme Tax Offset, see Division   380 of the Income Tax Assessment Act 1997 .

"incentive period" means a 10 year period that starts on or after 1   July 2008.

"investor" , in relation to a rental dwelling covered by an allocation, means a person:

  (a)   who is the legal or beneficial owner of the rental dwelling; and

  (b)   who is not an approved participant in relation to the rental dwelling.

"just terms" has the same meaning as in paragraph   51(xxxi) of the Constitution.

"National Rental Affordability Scheme" means the scheme prescribed for the purposes of section   5.

"NRAS year" (short for National Rental Affordability Scheme year) means:

  (a)   the period beginning on 1   July 2008 and ending on 30   April 2009; and

  (b)   the year beginning on 1   May 2009 and later years beginning on 1   May.

"rental dwelling" means a dwelling for which rent is payable and includes:

  (a)   a part of a dwelling or building that is capable of being lived in as a separate residence; and

  (b)   a unit that is a dwelling; and

  (c)   any dwelling prescribed by the regulations to be a rental dwelling for the purposes of this definition;

but does not include a caravan, houseboat, another kind of mobile dwelling or any dwelling prescribed by the regulations not to be a rental dwelling for the purposes of this definition.

"Secretary" means the Secretary of the Department.

"tax law provisions" means the following provisions of the Income Tax Assessment Act 1997 :

  (a)   item   23 of the table in section   67 - 23;

  (b)   Division   380.

"unit" means a unit held under a strata title system (or a similar system) established under a law of a State or Territory (however the unit is described for the purpose of that law), together with:

  (a)   any accompanying common property; and

  (b)   any permanent improvement (for example, a garage or storeroom) associated with the unit.