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Exposure Draft - Amendments to the Tax Law Provisions Related to the National Rental Affordability Scheme


Thursday, 3 February 2011

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On 3 February 2011 the Assistant Treasurer announced amendments to the provisions in the tax law that relate to the tax offset available under the National Rental Affordability Scheme (NRAS).

The amendments address technical issues that have arisen from the interaction between the legislation governing NRAS and the tax law provisions that provide the NRAS tax offset.

Importantly, the proposed amendments will:

  • introduce the concept of an NRAS consortium, which will allow parties participating collectively in NRAS to access the NRAS tax offset without having to meet the requirements of being a non-entity joint venture (a narrower concept than NRAS consortium);
  • recognise that certificates issued by the Housing Secretary under NRAS are issued to the approved participants;
  • ensure that the structure of an NRAS consortium does not prevent the ultimate investors in NRAS from receiving the NRAS tax offset; and
  • ensure that certain payments and non-cash benefits provided under NRAS indirectly, such as through an NRAS consortium, are treated as non-assessable non-exempt income.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 4 March 2011

Address written submissions to:
Industry Tax Policy Unit
Business Tax Division
The Treasury
Langton Crescent

Email: NRAS@treasury.gov.au

For enquiries, please call Courtney Cleary (02) 6263 3122.

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft  43.21kb
Explanatory Memorandum  60.48kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  8,911.12kb
Explanatory Memorandum  311.33kb

Related Items:

Submissions: Exposure Draft - Amendments to the Tax Law Provisions Related to the National Rental Affordability Scheme - 29/04/2011

Treasury received two formal submissions in response to this consultation. Both submissions are public submissions and are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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