Commonwealth Consolidated Regulations

NATIONAL RENTAL AFFORDABILITY SCHEME REGULATIONS 2008 - REG 28

         (1)   The Secretary must, for each allocation, determine the reductions that are to be made from the amount of the incentive.

         (2)   In determining the amount of the incentive, the Secretary must:

                (a)    if an approved rental dwelling is made available for rent for less than a full NRAS year -- proportionately reduce the incentive for the period that the dwelling was not available to the Scheme; or

               (b)    if an approved rental dwelling is vacant for a cumulative or continuous period of more than 13 weeks in an NRAS year -- proportionately reduce the incentive for each week (or part of a week) that the dwelling is vacant beyond 13 weeks; or

                (c)    if an approved rental dwelling is vacant for a continuous period of more than 13 weeks across 2 NRAS years -- proportionately reduce the incentive for the second NRAS year for each week (or part of a week) that the dwelling is vacant beyond 13 weeks.

         (3)   An approved participant may request a review by the Secretary of the amount of an incentive in accordance with guidelines issued by the Department.

Example 1

If a dwelling would otherwise attract an incentive of $6 000 but is not made available for rent until 6 months into the NRAS year, the incentive would be $3 000.

Example 2

If a dwelling would otherwise attract an incentive of $6 000 but is vacant for 3 periods of 5 weeks in the NRAS year, the Secretary must reduce the incentive by $230 ($6 000 divided by 365 days, multiplied by 14 days).

Example 3

If a dwelling would otherwise attract an incentive of $6 000 but is vacant for a continuous period of 17 weeks across 2 NRAS years, the Secretary must reduce the incentive for the second NRAS year by $460 ($6 000 divided by 365 days, multiplied by 28 days).