Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 380.11

Scope

  (1)   This section and sections   380 - 12 and 380 - 13 apply if:

  (a)   a * member (the electing member ) of an * NRAS consortium would, apart from subsection   380 - 12(3), be entitled to a * tax offset under section   380 - 10 for an income year because of:

  (i)   an * NRAS certificate in relation to an * NRAS year; and

  (ii)   an * NRAS dwelling covered by the NRAS certificate; and

  (b)   the electing member was the * NRAS approved participant of the NRAS consortium at any time during the NRAS year; and

  (c)   the electing member elects to have this section apply to the NRAS certificate and NRAS dwelling for the income year.

Requirements for an election

  (2)   The election must be made:

  (a)   in the * approved form; and

  (b)   within 30 days after the day the * Housing Secretary issues the * NRAS certificate.

  (3)   The Commissioner may require a copy or copies of the election to be given, within the 30 day period mentioned in paragraph   (2)(b):

  (a)   to the Commissioner; or

  (b)   to each * member of the * NRAS consortium who may be entitled to a * tax offset under section   380 - 12 as a result of the election; or

  (c)   both to the Commissioner and to each such member.

  (4)   The election may not be revoked.