Show at label F the trust's entitlement to a tax offset under the National Rental Affordability Scheme (NRAS). You should also include this amount in the Statement of distribution item 55.
The NRAS is no longer taking new investments.
The NRAS started on 1 July 2008 and offers annual incentives for a period of 10 years.
For more information, see National rental affordability scheme – taxation issues in the current year Trust return instructions
Entities participating in the NRAS may claim their share of the refundable tax offset in their tax return.
Refundable NRAS tax offsets may flow indirectly to certain beneficiaries of a trust or to the trustee of the trust provided the Secretary of the Department of Sustainability, Population and Community has issued the trust (or a trust through which their interest is ultimately obtained) a certificate under NRAS and the income year of that trust begins in the NRAS year to which the certificate relates.
The amount of the tax offset is the amount stated in the certificate shared between the beneficiaries of the trust (or the trustee) according to their share of the NRAS rent of the trust for the NRAS year and the total NRAS rent derived by rental dwellings covered by the certificate for the relevant income year.
If a trustee is assessed under section 98 of the ITAA 1936 on behalf of a beneficiary who is entitled to a share of the NRAS rent, then the trustee is entitled to that percentage share of the NRAS offset.
If the trustee is assessed under section 99 or 99A of the ITAA 1936, the trustee may also be entitled to a share of the NRAS offset.
In circumstances where the trust has no net income for the year, for the purposes of the NRAS provisions, no beneficiary can receive a share of NRAS rent indirectly and therefore no NRAS tax offset can flow indirectly the beneficiaries. In these circumstances, the trustee may be able to claim the refundable tax offset.
Show at F the total NRAS tax offset available to the beneficiaries or trustee (including any NRAS tax offset received indirectly through a partnership or other trust) for the income year.
The amount of the trust's tax offset is the amount stated in the certificate issued by the Secretary of the Department of Sustainability, Population and Community. However, if the Secretary issues the entity with an amended certificate under the National Rental Affordability Scheme Act 2008, the amount of the trust's tax offset is the amount stated in the amended certificate.
Click [Enter] or click the label to open the holding dialog at item 50 label F.
20-600 National Rental Affordability Scheme
20-605 NRAS Refundable tax offset