National Rental Affordability Scheme

National Rental Affordability Scheme - How it Works!

National Rental Affordability Scheme - How it Works!

Are you?	- The owner/developer of a rental property?
At a glance:	- The Tax Office has released a guide to explain the operation of the National Rental Affordability Scheme [NRAS] and related taxation issues
You should:	- Be aware of the operation of the National Rental Affordability Scheme. - Contact us if you require any clarification or advice.

1.	The NRAS is designed to encourage investment in affordable housing.
2.	The NRAS offers tax and cash incentives to developers of new dwellings on the condition that the dwellings are rented to low and moderate income households at 20% below market rates.
3.	The tax incentives are provided in the form of a refundable tax offset that can be claimed through the taxpayer's annual income tax return.
4.	The Tax Office's guide provides detailed guidance in relation to the NRAS, including: · Which entities are eligible to claim the refundable tax offset; · How different entities can claim the offset; · Tax implications of the scheme for non-profit organisations.
5.	Click here for a copy of the Guide or visit the ATO website at www.ato.gov.au.