Commonwealth Consolidated Regulations

NATIONAL RENTAL AFFORDABILITY SCHEME REGULATIONS 2008 - REG 28A

         (1)   The Secretary must give an applicant or an approved participant the option to elect, in accordance with subregulation (3) or (4), to receive the incentive as a tax offset certificate rather than a payment, if the applicant or approved participant is:

                (a)    an endorsed charitable institution; or

               (b)    an approved participant other than an endorsed charitable institution, whose status changes to an endorsed charitable institution for part of the NRAS year.

         (2)   The Secretary must give an endorsed charitable institution the option to elect, in accordance with subregulation (5), to receive the incentive as a tax offset certificate rather than a payment, if the endorsed charitable institution is:

                (a)    an existing applicant who has accepted an offer of a reserved allocation; or

               (b)    an existing approved participant who has been made an allocation.

         (3)   For paragraph (1) (a), the election:

                (a)    must be made in writing to the Secretary; and

               (b)    must be made at the time that an offer of allocation or reserved allocation is accepted by the applicant; and

                (c)    is binding for the whole of the incentive period, or for as long as the approved participant remains an endorsed charitable institution.

         (4)   For paragraph (1) (b), the election:

                (a)    must be made in writing to the Secretary; and

               (b)    must be made by 13 May, in the year after the NRAS year in which the change in status occurred; and

                (c)    is binding for the part of the incentive period that remains after the change in status occurred, and for which payment has not been made, and for as long as the approved participant remains an endorsed charitable institution.

         (5)   For subregulation (2), the election:

                (a)    must be made in writing to the Secretary; and

               (b)    must be made before 13 May 2011; and

                (c)    is binding:

                          (i)    for a reservation of allocation -- for the whole of the incentive period, or for as long as the approved participant remains an endorsed charitable institution; or

                         (ii)    for an allocation -- for the part of the incentive period for which a payment has not been made, and for as long as the approved participant remains an endorsed charitable institution.

         (6)   However, an election that is made after 30 May 2010 may not be effective for the NRAS year commencing on 1 May 2009.